"A Palestinian assailant drew a knife and attempted to stab soldiers securing the area," south of the city of Nablus, a statement said. "The force responded and fired towards the attacker, resulting in his death."
No injuries were reported among the Israelis.
Israel and the Palestinian territories have seen a wave of violence in recent months, with 23 Israelis and 155 Palestinians killed since October 1.
Many of the Palestinians have been killed while carrying out attacks, while others were shot by Israeli forces during protests and clashes.
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Some analysts say the attacks have been in part driven by frustration with the complete lack of progress in peace efforts, Israel's continuing occupation of the West Bank and their own fractured Palestinian leadership.
Israel says incitement by Palestinian leaders and news media has been a main cause of the violence.
There have been allegations that Israel has used excessive force in some cases, which it firmly denies.