Three public buses exploded at around 8:30 p.m. (local time) on February 20 while parked at a bus stop in Bat Yam, a city just south of Tel Aviv.
Firefighters arrived at the scene and extinguished the fire. At that time, the bus was empty.
According to Israel's TPS-IL news agency, some bombs were also discovered on other buses.
Israeli authorities have ordered the suspension of all bus and train services for inspection and bomb search on all vehicles following three bus explosions.
Two explosive devices were also found under other buses after police and Shin Bet - Israel's internal security agency - asked the driver to stop the bus and check for the explosive devices.
The police's preliminary investigation shows that all the explosives were identical and equipped with an detonation timestamp on February 21, the authorities said.
"We need to determine whether there is one or more suspects who planted explosives on multiple buses," said Israeli police spokesman Haim Sargrof.
Mr. Tzvika Brot - Mayor of Bat Yam city - informed that the buses that exploded had completed the route and were in the parking lot.
After assessing security with Israeli officials, Israeli Prime Minister Benjamin Netanyahu ordered "a deep operation" targeting "terrorist centers" in the West Bank, and asked the government to "strengthen prevention" for possible attacks in Israeli cities.
The bus explosions in Israel came just hours after Hamas released four Israeli hostages held in Gaza.