AFTER COMPLETING TWO ERRATIC 360 DEG TURNS IN A HOLDING PATTERN WEST OF THE RAZORBACK VORTAC STATION, THE PLT WAS INSTRUCTED TO PROCEED VIA THE 218 DEG RADIAL OF THE RAZORBACK VORTAC UNTIL REACHING THE ELMIE INTERSECTION AND TO HOLD. A COUPLE OF MINUTES LATER THE PLT RPTD ENTERING A HOLD AT THE ELMIE INTERSECTION AND WAS CLEARED AFTER REACHING 4000 FT FOR THE LOCALIZER 16 APCH. RADAR TRACK DATA SHOWED THE ACFT MADE A TURN TO THE EAST AFTER ENTERING THE HOLDING PATTERN IN ORDER TO INTERCEPT THE LOCALIZER. THE ACFT THEN DISAPPEARED FROM RADAR AND NO FURTHER COMMUNICATIONS WERE RECEIVED. THE ACFT IMPACTED TERRAIN ON AN EASTERLY HEADING, 1 MILE NORTH OF TONTITOWN, AR, IN AN OPEN FLD. NO PRE-IMPACT MECHAINCAL FAILURE WAS DISCOVERED. ILLEGAL DRUGS WERE FOUND IN THE WRECKAGE IN AN OPEN CONTAINER. NO AUTOPSY WAS PERFORMED AND TOXICOLOGICAL SAMPLES WERE INSUFFICIENT FOR TESTING.