Mohamed Selmi, a brigadier general in the Central Security Forces, was killed in Sheikh Zuwayed city in North Sinai, near his home, while his son was injured in the attack.
The other victim Omar Fathi, also a brigadier general, was with Selmi in his car during the incident.
Selmi is believed to be the first Sinai Bedouin officer to be assassinated in the history of the ongoing Sinai insurgency, as he belongs to the Sawarca tribe, according to Youm7 website.
Egypt is struggling to contain an Islamist insurgency that has killed scores of soldiers and policemen in the region, bordering Israel and the Palestinian Gaza Strip. North Sinai has been the scene of many violent attacks by Islamists since the January 2011 revolution.
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The attacks increased after the ouster of former president Mohamed Morsi last year.
Many policemen and soldiers, have been killed in the attacks, which included bombings and shootings.
The military has launched frequent security campaigns in the area, arrested suspects and demolished housing that it says hosts "terrorist" activity, including facilitating tunnels leading to the Gaza Strip.