The incident occurred on the Jabalpur-Mandla road.
"While five persons died on the spot, five others sustained serious injuries and are undergoing treatment. The condition of one of the injured is critical," Deputy Inspector General (DIG) of Police, Jabalpur, B S Chouhan, told PTI, adding that the driver of the truck was arrested.
"Initially, we had received information that six persons were killed. At that time, the police were dealing with the law-and-order situation following the accident. But, one of them was critically injured and is undergoing treatment. Four other persons were also injured," he said.
The 16-wheel truck, laden with irons rods, was coming from Chhattisgarh, the officer said.
Jabalpur's Superintendent of Police (SP) Shashikant Shukla told PTI that there were two children among the deceased.
Madhya Pradesh Chief Minister Shivraj Singh Chouhan expressed grief and announced a financial aid of Rs 1 lakh each for the kin of the deceased and Rs 25,000 each for the injured.