The target of the strikes late Sunday, in the Datta Khel area of North Waziristan tribal district, were local warlords Hafiz Gul Bahadur and his ally Sadiq Noor, security officials said.
Both are aligned with the feared Haqqani network and are accused of sending fighters and suicide bombers against US and NATO troops in neighbouring Afghanistan.
"At least 30 militants have been killed. Dozens of fighters and commanders were gathered for a joint meeting of both the groups," a militant source told AFP.
There were unconfirmed reports that Bahadur and Noor were among the dead but a second security official in the country's northwest told AFP they were still trying to verify the information.
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"The only thing I can confirm is that the target of airstrikes was Hafiz Gul Bahadur," the official said.
A second militant source, a senior commander, told AFP that the two were seen in the area earlier on Sunday but it was not clear whether they had escaped the attack.
"Seven important commanders of Gul Bahadur and Sadiq Noor were among those killed in the airstrikes," he said.
In a phone call from an undisclosed location, Ahmadullah Ahmadi, a spokesman for militant commander Bahadur, confirmed the airstrikes but said that both "Bahadur and Sadiq Noor are alive".
It was not possible to independently verify the casualties as media are banned from visiting the far-flung mountainous area.
Bahadur, a prominent local warlord once seen as "pro-Pakistani" is angry over the military offensive in North Waziristan.
He was the first militant commander to declare a ban on polio vaccinations in June 2012, which was later endorsed by tribesmen and other militant groups in other tribal districts and in the adjacent Khyber Pakhtunkhwa province.
The Pakistani military launched a major offensive in the district in June and says it has killed more almost 1,600 militants so far, with 126 soldiers losing their lives.