The bombing took place in the Nisti Kot area of the tribal district, which is rife with insurgents and is also gripped by sectarian violence.
"An 11-year-old boy and the driver of the school van were killed when a bomb planted on a roadside exploded," local government official Shahid Ali told AFP.
A seven-year-old girl was also wounded, he said, adding that no group had come forward to immediately claim responsibility for the attack.
An intelligence official also confirmed the bombing and casualties.
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Should Pakistan antagonize these groups, asks Sartaj Aziz. Good question.