They include 10 French nationals. Unconfirmed reports suggest a number of Britons are among the missing.
They were travelling to the remote Afar desert region, about 800km (500 miles) from the capital, Addis Ababa.
A businessman told AP news agency the group had been kidnapped, but the Ethiopian government said it could not confirm reports of an abduction.
"The government is monitoring the situation," a spokesman for the Information Ministry said, adding that a statement would be released later in the day.
French diplomats in Ethiopia said the tourists had been kidnapped.
"There has been a kidnapping, that's certain... It happened the evening before yesterday (Wednesday)," the French ambassador to Ethiopia, Stephane Gompertz told AFP news agency.
According to the businessman, one member of the group managed to escape and use a satellite phone to alert the authorities.
Thieves and a small rebel group are active in the Afar region.
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