The incident occurred on the Indus Highway, which connects Karachi with Peshawar via Dera Ghazi Khan.
The high-speed collision reportedly resulted in a fire which engulfed most of the passengers and wrecked both vehicles.
According to security officials, the fire was so intense that the passengers could not get out and were burnt to death. The dead included a woman and her infant.
Rescue workers are currently engaged in removing the damaged vehicles and transferring the dead and injured to the nearest hospital.
According to eye witnesses, the truck driver fled the scene as soon as the accident took place.
Rescue teams managed to arrive after an hour of the accident, which has led to an increase in the number of deaths according to witnesses.
The passenger bus was on its way to Dera Ghazi Khan from Peshawar.
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