Twenty survivors are being treated in a hospital in the Syrian city of Tartus, BBC reported.
Officials said Lebanese, Syrian and Palestinian nationals - including women and children - were believed to be among the 120-150 people who were on board when the boat sank on Thursday.
It is not clear what caused the accident. A rescue attempt is ongoing.
Officials added that the vessel had departed from from Minyeh, a city near the Lebanese port city of Tripoli.
The boat is believed to have been heading to Europe when it sank.
Earlier this month, six people, including children, were killed when a boat carrying migrants from Lebanon to Europe sank off the coast of Turkey. The country's coast guard said 73 migrants from four boats had been rescued.
MP/PR
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