The victim, a resident of the canton of Valais, suffered a hard landing in a field in the municipality of Ollon after jumping out of a plane, Vaud cantonal police said.
According to witnesses, the senior citizen immediately encountered difficulties after leaving the plane, police said in a statement.
A person who saw the accident was able to contact emergency rescue services who quickly responded and located the man who had died by the time help arrived.
An emergency response team provided aid and counselling to other people in the plane, police said.
The exact age of the victim and his nationality were not released.
A criminal investigation into the accident has begun.
A federal expert on parachute accidents is involved in the probe.
Wingsuit flying is a high-risk sport involving jumps from planes or high places using a suit that adds surface area to the human body to allow for “lift”.
Wingsuit flyers carry a parachute that is meant to ensure that landings are safe.