There were no immediate reports of injuries on the ground. TV footage showed black smoke billowing from near some buildings and local TV stations said the jet hot an apartment building.
The Navy did not immediately return telephone messages left by The Associated Press. But the Navy confirmed on its official Twitter account that both pilots ejected.
They were being treated for injuries that were not considered life threatening.
The Virginian-Pilot of Norfolk quoted a spokesman for Naval Air Force Atlantic who said the jet crashed in the vicinity of Birdneck Road in the sprawling resort city.
The Hampton Roads area of Virginia has a large concentration of military bases, including Naval Station Norfolk, the largest naval base in the world. Naval Air Station Oceana is located in Virginia Beach.