The victims, who were walking along a road, were on "Dindi Yatra" to Pandharpur in Maharashtra, as part of the annual 'Devashayani Ekadasi' fair at the abode of Lord Panduranga.
The driver of the bus has been arrested, Yamankanmardi Police Sub-Inspector Basvaraj said. The bus was heading to Belgaum from Chikkodi.
Several other injured pilgrims were admitted to Belgaum Civil Hospital, police said.