The explosion occurred near the vehicle in which Jamshed was travelling on Muddhi road in Dera Ismail Khan's Kulachi area.
The former candidate was travelling from the district's Kulachi tehsil towards the town of Dera Ismail Khan when the roadside bomb exploded, killing Jamshed and his two companions.
According to an AFP report, the other two killed with Jamshed were his guards.
The attack killed Jamshed and his guards, AFP quoted Zahoor Khan, police chief in the restive area, as saying.
A large contingent of police reached the area, cordoned it off and launched an investigation into the incident.
The bodies were shifted to a nearby hospital.
Jamshed is also regarded as a religious leader. AFP reported that the explosion occurred during a celebration at a shrine in the area which Jamshed was presiding.
Pakistan launched a military offensive in June to seize control of the Taliban stronghold of North Waziristan, a remote mountainous region on the border with Afghanistan.
“We foresee such types of incidents will increase after Ramazan,” said Sadiq Balochi, the district police officer for D I Khan.
“We are ready for any such thing. We are in close coordination with the army and all intelligence agencies. Joint patrolling has been enhanced.”
Last week, soldiers were deployed to guard key installations in Islamabad, the capital. Security at airports has also been beefed up following a deadly attack on the airport in Karachi days before the operation began.
Police patrols have also been stepped up and hundreds of suspected militants arrested around the country, authorities say.
