Lebanese Daily Star quoted sources speaking on condition of anonymity that the two vehicles which were on the highway linking the town of Majdal Anjar to the Masnaa border crossing with Syria were also shot at.
The National News Agency identified the two wounded as Hussein Ali Der and Fadi Abdel-Karim.
They were transferred to Chtaura hospital.
The Lebanese Army cordoned off the area of the explosion.
The incident comes a week after a car bomb exploded in the Beirut southern suburb neighborhood of Bir al-Abed wounding at least 50 people.
The Tuesday bomb attack is the latest sign of country's deteriorating security situation and has raised fears among politicians that more bombings would occur.
There have been a number of other roadside bomb attacks in eastern Lebanon recently, but most have been ineffective.
Political sources told The Daily Star last week that militant cells of various nationalities have established operations in Lebanon and are planning attacks on Hezbollah.
SHI/SHI