Parademics from Magen David Adom (MDA) who arrived at the scene said a 70-year-old pedestrian, who had been walking on Yirmiyahu street when the crash occurred, suffered critical injuries and later died.
The bus had slammed into a protective barrier and crashed into an adjacent building that was still under construction, according to the parademics.
The driver of the bus, a 40-year-old man, became trapped in the vehicle following the crash and had to be rescued by firefighters. He is being treated for moderate injuries, MDA said.
A third person was treated for light injuries, MDA said.
The circumstances of the accident were not yet clear but, according to reports in the Hebrew-language media, the bus driver had lost control of the vehicle before crashing.