The plane was a nine-seat Italian-made Piaggio P180 Avanti, known for its distinctive profile. It disappeared from radar as it was heading to Limon, a resort town on the coast.
The security ministry said the flight had set out from Mexico.
Schaller was in the news in 2010 for his role as organizer of the Berlin Love Parade techno festival. A crush at the event killed 21 people and injured more than 500. Authorities at the time said Schaller's security failed to stop the flow of people into a tunnel when the situation was already tense at the entrance to the festival grounds.
Schaller fought back against the accusations of wrongdoing, noting that his security concept received official city approval.