At approximately 19:15 CDT, a Beech C18S twin crashed following an engine tearaway in cruise flight near Waldron. The pilot was killed. The airplane departed Beaumont, Texas, about 17:00 with a destination of Springdale, Ark. The pilot told controllers at 9:12 that he had lost an engine. At this time, the airplane was on a northerly heading at an altitude of 5,500 feet approximately 1 nautical mile north of the Waldron Municipal Airport and the pilot elected to turn back to Waldron. A witness reported that he observed the airplane emit short trail of white smoke from #2 [right] engine, two seconds later, saw flash under right engine nacelle. The airplane yawed to steep [right] bank with increased power on left engine. The witness retrieved his 20-power binoculars from his car and observed [right] engine dangling from mount as [aircraft] completed 180 degree turn toward south. The accident site was located approximately one mile east of the threshold of runway 27. The wreckage was consumed by a post-crash fire. The right engine was found 217 feet from the initial impact and showed no fire damage. One blade was missing a 22-inch section, which was not found at the accident site. Additionally, the right engine cowling was not found at the accident site.