The explosion took place late yesterday targeting a security patrol which was passing through Assiut street in Al-Arish city.
While Colonel Yasser El-Hadidi was killed in the explosion, a conscript and a civilian sustained injuries.
Security forces rushed to the incident spot, cordoned and combed the area, the statement said.
Egypt's North Sinai has witnessed several terror attacks after the January 2011 revolution that toppled ex-president Hosni Mubarak.
The attacks, mainly targeting police and military, increased after the ouster of Islamist ex-president Mohamed Morsi in 2013 by military following massive protests against his rule.