According to a report in the Spanish newspaper Marca, the 28-year-old Portugal international was in an accident in the Zamora province.
He was reportedly travelling with his brother Andre, who was also killed, when the car came off the road and was engulfed in flames.
The incident occurred on the A-52 in the province of Zamora.
The tragic news comes just two weeks after Diogo Jota married his long-term girlfriend Rute Cardoso in Porto.
Jürgen Klopp expresses heartbreak at the passing of Liverpool striker Diogo Jota aged 28
Discussing the sad passing, Klopp expressed his heartbreak at the passing of the "fantastic" player.
He said: "This is a moment where I struggle!
"There must be a bigger purpose! But I can’t see it! I’m heartbroken to hear about the passing of Diogo and his brother André.
"Diogo was not only a fantastic player, but also a great friend, a loving and caring husband and father!
"We will miss you so much! All my prayers, thoughts and power to Rute, the kids, the family, the friends and everyone who loved them! Rest in peace - Love J."
Recommended Reading:
The striker has been at Liverpool since 2020 and has scored many crucial goals during his time there.
Jürgen Klopp managed the English club from 2015 until 2024 and is widely considered to be one of the greatest football managers in the world.
He led Liverpool to a number of victories, including winning the Premier League title.