Disaster relief agencies and the military said in a joint statement that they were working to recover the bodies of the workers from a gold mine in the town of El Callao in Bolivar state.
The workers were underground when heavy rain fell on the region which borders both Guyana and Brazil, flooding several mine shafts.
"They were caught by surprise," Bolivar Governor Yulisbeth Garcia said in a statement, adding that the rescue effort was continuing.
Videos posted on social media showed workers bringing up several muddied bodies from the mine.
"What we're experiencing is horrific," Elizabeth Zerpa, who lost two relatives in the disaster -- brothers from the same family -- told AFP.
El Callao's mayor, Jesus Coromoto Lugo, sent his condolences to the victims' families in a social media post.
Gold mining is the economic mainstay of El Callao, a town around 800 kilometers (500 miles) southeast of Caracas and home to around 60,000 miners, according to the mayor.
It was not clear whether the mine was operating legally or illegally.
Deadly accidents are common at illegal gold mines across South America.
Between 2023 and 2024, at least 30 miners died in the collapse of gold mines in Bolivar state.
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