According to BBC News Flight QZ8501, an Airbus plane, went missing at 07:24 (23:24 GMT), Malaysia-based AirAsia tweeted.
Indonesian military planes are searching an area of the Java Sea.
AirAsia, a budget airline, has never lost a plane, but Malaysia's national carrier Malaysia Airlines has suffered two this year - flights MH370 and MH17.
The AirAsia plane disappeared about two hours into a three-hour flight.
It left the Indonesian city of Surabaya in eastern Java at 05:20 local time (21:20 GMT) and was due to arrive in Singapore at 08:30 (00:30 GMT).
The missing jet had requested a "deviation" from the flight path due to bad weather, the company said.
Indonesia's transport ministry said the pilot had asked permission to climb to 38,000 ft (11,000m) to avoid thick cloud. No distress call is reported to have been issued by the crew.
There were 155 passengers on board, the company said in a statement:
- 138 adults, 16 children and one infant
- Two pilots and five cabin crew were also on board
- Most on board were Indonesian
- Six were from other countries: three South Koreans and one French, Malaysian and Singaporean.
Below is the companies tweet of the missing plain
Some of the family members of the missing passengers
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