In addition, a 16-year-old passenger suffered severe head trauma and was flown to an Indianapolis Hospital Trauma Center, Riley Hospital.
According to officials with the Brazil Police Department, officials responded to the accident at approximately 2 p.m.
The accident took place just east of the intersection of White Rock Road and South Leavitt Street, Brazil.
The driver of the vehicle, later identified as Troy Allen Jeffrey II, Brazil, was pronounced dead at the scene by Clay County Coroner Joel Reinoehl.
According to officials, the preliminary cause of the accident at the time is believed to be excessive speed.
Brazil Police Department Sgt. Dave Archer told The Brazil Times witnesses stated they saw the vehicle turn onto White Rock Road. The witnesses stated they believed the vehicle was traveling in excess of 100 mph.
"They said they heard the acceleration when it turned onto White Rock Road and it never let up," Archer said.
Archer added it was reported Jeffrey had just purchased the vehicle earlier in the day and was "taking it for a drive."
Witnesses informed officials the vehicle was traveling at a high rate of speed when the driver lost control, left the roadway and rolled several times, ejecting the driver.
Archer said it appeared Jeffrey may have hit a dip in the road at the bottom of a bridge and may have become airborne.
"When he came down, he lost control of the vehicle," Archer said.
The passenger of the vehicle was identified as Dylan Robert Dorn, Brazil. He was removed from the vehicle with assistance from the Brazil Fire Department using the Jaws of Life.
Dorn was then transported via TransCare to a nearby landing zone where he was loaded into an AirEvac helicopter and flown to the trauma center.
On Sunday, officials told The Brazil Times Dorn had been upgraded and was currently listed in fair condition.
"He is awake and he is responsive," Archer said.
The accident, according to officials, is still under investigation.
Also assisting at the accident was the Clay County Sheriff's Department.