The pilot, whose identity was withheld pending notification of family, crashed over the Nevada Test and Training Range after departing from Nellis Air Force Base, a news release said.
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According to the statement, emergency personnel responded the scene after the crash happened about 10:30 a.m.
The cause of the accident was under investigation.
The pilot's death prompted the cancelation of the Thunderbirds' participation in this weekend's March Field Air & Space Expo in Riverside County.
"It is unknown how this accident will impact the remainder of the 2018 Thunderbirds season," the Air Force statement said.
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It was the third aviation incident involving the U.S. military in the past 48 hours.
A pilot ejected safely as a Marine Corps Harrier jet crashed shortly after takeoff Tuesday at Camp Lemonnier in Djibouti.
That same day, a Marine Corps CH-53E Super Stallion helicopter crashed near El Centro in Imperial County. All four crew members were presumed dead. They have not been publicly identified.
ABC News contributed to this report.