Istanbul Governor Ali Yerlikaya said at least 52 people were injured in the accident and had been hospitalised. His office said the plane was carrying 177 people, including six crew members.
Live television footage showed dozens of rescue crew members working around the flood-lit fuselage, including around the cockpit, which had flipped over.
The Transportation Ministry said there had been no deaths in what it called a “rough landing.”
“According to the information we have, there was a rough landing. The accident occurred after (the plane) could not decelerate and rammed into a field from the end of the runway,” state-run Anadolu Agency quoted Transportation and Infrastructure Minister Mehmet Cahit Turan as saying.
He added that authorities have had “no contact” yet with the pilots.
According to flight tracking website Flightradar24, the plane is a Boeing 737.
The accident comes a month after another Pegasus plane skidded off the runway in Istanbul at the same airport. There were no deaths or injuries in that incident on January 7.
It is rare for a fuselage to split open while pieces remain largely intact. Planes are designed to absorb impact forces in the bottom of the fuselage to improve the chances that passengers in the cabin above will survive.
In 2013, the tail of an Asiana Airlines Boeing 777 broke off after the jet hit a seawall during approach to San Francisco International Airport. Three people died, 49 were seriously injured and scores more suffered minor injuries, according to the US accident report.
That same year, a Lion Air Boeing 737 split in two after landing in shallow water short of the runway in Bali, Indonesia. All 101 passengers and seven crew members survived.