The gunmen targeted a hotel in a town in Gilgit-Baltistan that serves as the base camp for mountaineers headed for Nanga Parbat, the world's ninth highest peak.
The attack took place late last night in the remote region. Deputy Inspector General of Police Ali Sher told reporters that the armed men barged into a hotel and killed tourists from different countries.
He confirmed that 10 tourists were killed.
Police cordoned off the area and launched a hunt for the killers.
Five Ukrainians, three Chinese, a Russian national and a Pakistani were among the dead though this could not be independently confirmed, officials said.
The incident was the first of its kind in Gilgit-Baltistan and raised serious questions about the safety of scores of tourists, many of them foreigners, that visit the region.