The teenager was admitted into Can Misses hospital during the early hours of Tuesday morning suffering adverse affects after consuming what is thought to have been ecstasy tablets.
The girl had consumed a couple of MDMA tablets over the course of the weekend and had felt unwell during Monday before seeking medical treatment, according to a report in local newspaper Diario de Ibiza.
The hospital said she suffered heart failure shortly after being transferred from a medical centre in San Antonio where she had been taken by her friends.
"We can confirm the death of a British national in Ibiza on 22 September. We have been in contact with the family to provide support at this difficult time," a spokesman for the British Embassy in Madrid told The Local.
Island authorities confirm that is the fifth suspected drug death on the island since the start of the summer season.
In June, British tourist Andrew Watson, 32, died in San Antonio. He was found having convulsions on the floor of his hotel room after taking drugs and died before paramedics arrived.
Later that month two other men, aged 35 and 36, were found dead at a flat in Santa Eulária on the eastern side of the island, after taking drugs.
In July, 21 year old Alan Drennan from Northern Ireland was found dead in his hotel room, a death blamed locally on a drug overdose although a second post mortem in Dublin found he had suffered head injuries.
In August two British officers joined local police in patrolling the streets of San Antonio, a resort on the west of the island which has a reputation for organised drug gangs peddling party pills to holidaymakers.