The incident occurred at an Israeli military base in the suburb of Glilot, north of Tel Aviv, reports Times of Israel.
Over 30 people were injured, one of whom later died of their injuries, according to Israeli media. Several people are reported to be seriously injured.
According to the police's initial suspicion, a bus stopped at the station outside the base to let off passengers. At the same time, the truck is said to have driven into the bus stop.
An eyewitness on the scene tells Haaretz that he saw the truck accelerate towards the bus before driving into the rear of the bus.
I saw a pile of people crushed under the truck, the eyewitness tells Haaretz
The truck driver was shot dead on the spot by armed civilians, according to Times of Israel. The police are currently investigating possible additional perpetrators and motives.