According to reports, the explosions took place on Shama Chowk, where US consulate and a police station are located and it is suspected that these could have been the targets.
Police officer Aziz Khan said, "As per initial reports, heavily-armed gunmen have also launched a ground attack on the fortified consulate in Peshawar."
It was not yet known how many people were hurt in the attack.
The security forces have completely cordoned off the area. Ambulances have been seen rushing in.
The attack happened just hours after a suspected suicide bomber hit a political rally in Lower Dir district of North West Pakistan.