Videos posted to social media showed the plane half-submerged in the water with boats ferrying those who were aboard to the shore.
Papua New Guinea authorities confirmed that the Air Niugini flight PX073 ended up in the ocean while trying to land at about 9.30am (local time) in Chuuk.
The plane was scheduled to stop in Chuuk on its way from Pohnpei to Port Moresby. Air Niugini management staff held a crisis meeting after the incident.
The aircraft was being operated by Air Niugini, the national carrier of Papua New Guinea.
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Local media said the 36 passengers and 11 crew members were safe.
The accident took place at the Chuuk global airport on the Weno island of the South Pacific nation of Micronesia.
It is believed that the Boeing 737-800 was capable of carrying upto 160 people, but BNO News reported numbers of injured or fatalities were now unclear.
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It has been reported the PNG Accident Investigation Commission has sent a team to the accident site to determine the exact cause of the crash.
It wasn't immediately clear whether the Boeing 737-800 plane crashed in the lagoon, located near an airport, during its take-off or landing, the outlet reported.
"We're trying to arrange a team to go there but I can not give you any more information because I simply don't have it", a spokesman told AFP.
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