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The bus carrying 35 passengers was going from Mandya to Shivalli when it plunged into VC Canal at Kanakanamaradi of Pandavapura taluka, they said.
Most of the killed were children, police sources said, adding they were returning home after a half-day at school.
Long wails from the grief-stricken inconsolable kin of the victims followed as the rescue teams fished out bodies one after another.
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Police had a difficult time controlling the crowd as people living nearby thronged the accident site. Locals said they rescued three people even before the police reached the spot.
Chief Minister HD Kumaraswamy announced compensation of Rs 5 lakh each to families of the deceased in the bus accident.
Kumaraswamy, who cancelled all his official engagements, rushed to the accident site along with Deputy Chief Minister G Parameshwara and former chief minister Siddaramaiah.
Detailing about the accident, Parameshwara said, “I believe the driver was not driving properly, I will find out.”