The injured - including FC and army personnel - were shifted to the Combined Military Hospital where a state of emergency was imposed.
Eight of the injured are in critical condition.
Security forces have cordoned off the area and started a search operation.
"We fear that dozens were killed and injured," said an intelligence source. "It is not yet clear what caused the blast... a large number of soldiers were there."
The explosion reportedly took place in a car near a security check post.
Prime Minister Nawaz Sharif expressed grief over the loss of precious lives.
The bomb targeted a security convoy leaving for Waziristan.
"It's not clear if it was a suicide attack or an improvised explosive device," said one military official, adding that the soldiers were travelling in a civilian vehicle hired to carry them to Razmak in North Waziristan.
The Tehreek-e-Taliban Pakistan (TTP) claimed responsibility of the attack. The group had earlier vowed to step up attacks on security forces after electing Mullah Fazlullah as its chief at the end of last year.
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