Residents of Rashkai area in Nowshera district said the aircraft collided before crashing and the fate of the pilots was not immediately known.
One of the aircrafts plunged into a house and triggered a fire.
Witnesses and television reporters said they had seen debris from the aircraft strewn over a large area.
Local residents took injured persons to a nearby hospital, police and witnesses said.
The accident occurred close to the Pakistan Air Force Academy at Risalpur shortly after 10 am.
