The helicopters collided over Steele Indian School Park while filming the pursuit for Channels 3 and 15.
KNXV-TV identified the people aboard its chopper as reporter-pilot Craig Smith and photographer Rick Krolak. KTVK said pilot-reporter Scott Bowerbank was aboard its helicopter, along with photographer Jim Cox.
Sgt. Joel Tranter of the Phoenix Police Department told CBS 5 News no one on the ground was injured or killed.
Video from the scene showed flames and thick black smoke from where both helicopters crashed.
Tranter said debris is scattered across several acres.
"Wait, wait, wait, wait," News Hawk 5 Capt. Connie Sullivan reported on air around 12:40 p.m. "We've got a problem here. I've got a helicopter down."
Just before the crashes, the driver of the pickup truck police had been chasing had jumped out of the nearly disabled flatbed vehicle and carjacked another truck.
The truck was riding on rims because it had run over police stop sticks.
"I was driving and heard a bang," one witness told CBS 5 News.
"I was standing out on Central Avenue and I was looking over to the park and saw the helicopters get close," Jerry Fender said. "The blue one split and went down. The red or orange one went right after it."
"Looked something like 9-11 with debris exploding everywhere," said witness Brian Kenneth.
After the crash, the motorist police were chasing drove out to west Phoenix, where he bailed out of the vehicle in the 2900 block of North 83rd Avenue, police said.
He then ran into a house and police characterize it as a barricade situation.
Police said the man could be held accountable for the deaths.
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