The private plane went off the right side of a runway, flipped over and burst into flames on Sunday, killing Sergio Carranza Brabata, the co-pilot.
According to the Pitkin County Sheriff's Office, all three men on board were pilots from Mexico. Two of them were flying and the third was a passenger. Emergency crews rushed to the wreckage and were able to get the survivors out. Miguel Henriqez was in critical condition and Moises Carranza was in serious condition as of Monday.
Officials say investigators with the National Transportation Safety Board would look at all possible factors, including weather, the condition of the Canadair CL-600 aircraft, and the actions of the crew.
Aspen is a popular ski resort located in the Rocky Mountains about 100 miles southwest of Denver. Airlines were busing stranded travelers to the Denver and Grand Junction airports.
The Associated Press contributed to this report.