The Lockheed Martin-built Hercules C-130 transport plane was carrying 128 people, including 11 air force members, 115 army personnel and two national police officers, according to Hugo Alejandro Lopez, head of the nation's armed forces.
The death toll was nearly double the previous figure given by authorities, who continued search and recovery efforts at the site of the crash.
The accident occurred as the plane was taking off from Puerto Leguizamo, on the border with Peru, Defense Minister Pedro Sanchez said on X.
The plane was believed to have suffered an impact near the end of the runway as it was taking off, firefighter Eduardo San Juan Callejas told Caracol, with a wing of the plane later clipping a tree as it was plummeting.
The crash caused the plane to catch fire and detonate some sort of explosive devices on board, he added.
President Gustavo Petro, in the twilight of his administration, on Monday criticized bureaucratic obstacles for delaying his plans to modernize the military.
A spokesperson for Lockheed Martin said the company was committed to helping Colombia as it investigates the incident.
Hercules C-130 planes were first launched in the 1950s and Colombia acquired its first models in the late 1960s. It has more recently modernized some older C-130s with newer models sent from the US under a provision that allows for the transfer of used or surplus military equipment.
Hercules C-130s are frequently used in Colombia to transport troops as part of the military's operations amid a six-decade-long internal conflict that has claimed more than 450,000 lives.