Torras had an accident at the Alpine section of the 37.75-mile circuit on the final lap of Tuesday’s Supertwin race.
The Spaniard, aged 46, had been competing at the TT since 2017 and scored a best of 15th in last year’s Supertwin race.
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In Tuesday afternoon’s Superstock race, he set his fastest ever lap of the TT course at 125.470mph on his way to a top 20 finish – making him the fastest Spaniard ever at the event.
A statement from the organisers read: “With great sadness, the Isle of Man TT Races can confirm that Raul Torras Martinez, 46, from Sant Hilari Sacalm, Spain, was killed in an accident during the first Supertwin Race of the 2023 Isle of Man TT Races.
“The accident occurred at Alpine, between the 16th and 17th mile markers, on the third and final lap of the race.
“Raul was an experienced TT competitor who made his debut in 2017, with a best result of 15th in last year’s Supertwin race.
“He recorded his fastest ever lap of the TT Mountain Course earlier today in the Superstock Race, with a lap at an average speed of 125.470mph whilst securing a 20th-place finish.
“Raul was the fastest Spaniard ever to have lapped the TT Course.
"In total, Raul competed in 21 TT races and his performances earned him a total of 18 Bronze Replicas.
“The Isle of Man TT Races pass on their deepest sympathy to Raul’s family, friends, and loved ones.”
Torras is so far the only rider to have lost their life at the TT this year.
Fellow Spaniard and 2020 MotoGP world champion Joan Mir tweeted: "RIP Raul. All my support and condolences to his family and friends."
Last year’s event, the first since the COVID pandemic began in 2020, was marred by the tragic deaths of six competitors.
Racing is due to continue on Wednesday with the second Supersport and Sidecar races, followed by the second Superstock and Supertwin outings on Friday.
The 2023 TT will close on Saturday with the Senior TT.
Picture credit @ttracesofficial/Pacemaker Press