The accident occurred outside Zamora, Spain, on Wednesday night.
Also, Jota's brother André Silva died in the accident. Silva was also a football player and played for FC Penafiel in the Portuguese second division.
Spanish police say in a statement that the car they were traveling in drove off the road after a tire puncture that occurred during an overtaking, and then caught fire. No other vehicles are said to have been involved.
Police, fire department, and medical personnel were quickly on the scene but could not save the brothers' lives, writes Spanish AS.
Minute of silence in the European Championship
Football striker Diogo Jota played for Liverpool in the Premier League and in the Portuguese national team. He was 28 years old.
The Portuguese Football Association mourns the national team player.
"He was not just a fantastic player. He was also an extraordinary person who was respected by all his teammates and opponents. He had a contagious joy and was a reference point in his community," writes Chairman Pedro Proença in a statement.
In the same post, Proença and the Portuguese Football Association ask Uefa to hold a minute of silence before the country's European Championship match against Spain on Thursday evening. Uefa later confirmed that there will be a minute of silence before Thursday's and Friday's matches in the championship, and that Portugal will wear mourning bands in their match.
Won several titles
Jota's club team Liverpool states:
"We are devastated by Diogo Jota's tragic passing. The club will not comment further on the matter at this time and asks everyone to respect the privacy of Diogo's family, friends, teammates, and club staff as they try to cope with this unimaginable loss," writes Liverpool on its website.
Jota joined the Merseyside club ahead of the 2020-2021 season and was part of the team that won the Premier League title this year. He also won the FA Cup and the League Cup during his time at the club.
Last season, the striker scored 9 goals and 4 assists in 37 appearances for Liverpool.
Jota came to the club from league rival Wolverhampton. He also played for Atlético Madrid and Porto during his career.
With Portugal, the player won the Nations League twice.
Jota got married at the end of June to his partner, he leaves behind three children.