On May 6, 2018, about 1338 mountain standard time, a Grumman TBM-3E airplane, N337VT, was presumed destroyed when it was involved in an accident near Fort Apache Reservation, Arizona. The private pilot and pilot-rated passenger sustained serious injuries. The airplane was operated as a Title 14 Code of Federal Regulations Part 91 personal flight. The pilot was relocating the newly-purchased airplane from California to Illinois. The airplane had undergone refurbishment and condition inspections during the previous 6 months. Before the flight, the airplane was loaded with emergency and survival gear and the pilot and passenger watched the parachute manufacturer's safety video. On the morning of the accident, the pilot flew from Zamperini Field Airport (TOA), Torrance, California, to Ak-Chin Regional Airport (A39), Maricopa, Arizona. After refueling, the pilot departed A39 and climbed to an altitude between 11,500 ft and 12,000 ft mean sea level (msl). About 45 minutes into the flight, the pilot heard a loud bang with vibrations and thick smoke entered the cockpit. He stated that the engine was operating, but not producing enough power to maintain altitude. The passenger stated that he saw sheets of oil exiting the right side of the engine cowling. As the airplane descended, they determined that there were no safe landing areas due to trees and rugged terrain, and decided to egress about 1,500 ft above ground level (agl). The passenger exited first, followed by the pilot. Both parachutes deployed successfully; however, the pilot and passenger received serious injuries after landing in trees and falling to the ground, and were unable to call for rescue due to the lack of cell phone coverage in the area. The following morning, about 1100, a fire service truck passing through the area found the pilot and passenger and they were subsequently transported to a nearby medical facility via ambulance. A review of Federal Aviation Administration air traffic control radar data revealed that the airplane continued eastbound on a stable, descending flight path after the pilot and passenger egressed. The last radar return at 1337:44 was at 10,000 ft msl, (about 1,900 ft agl) 19 miles east of Whiteriver Airport (E24), Whiteriver, Arizona, and 8 miles southwest of Mount Baldy. Multiple air and ground searches were conducted; however, the airplane was not located.