According to the police, all five of the deceased were members of the same family.
The incident took place within the jurisdiction of the Yar Hussain police station while the vehicle was on its way to the airport. Yar Hussain is some 120 kilometres northeast of Peshawar.
The injured were taken to hospitals in Mardan and Swabi for medical assistance.
The family said they had no enmity but police suspected the incident was the result of an "internal family dispute".
"We are investigating it but apparently it looks like an incident of internal family dispute," Mohammad said, adding that "The village has no past history of militancy."
Police said the assailants armed with assault rifles opened fire at the members of the family who were travelling in a coach to see off one of the family at Peshawar airport.
"The attackers managed to flee in the dark," said Mohammad Sajjad Khan, a senior police officer in Swabi district which includes Yar Hussain, adding that police had launched a search operation but no one had been arrested yet.
After the attack, the relatives of the victims protested by placing the dead bodies of the victims on the roads leading to the blockage of Swabi Road.
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@Mirza: You would be surprised!
Muslims cannot kill Muslims in such cold blood. The killers must be foreign agents and trying to ruin our peace and prestige in the world.
Why is there so much hatred and violence in Pakistan?