A police spokesperson said the "terrorist" rammed into pedestrians on Pinchas Rosen Street and then tried to stab them with a sharp object. He was shot dead by an armed civilian.
Three of the injured were in a serious condition, the spokesperson added.
Tel Aviv's police chief has reportedly said the attacker was a Palestinian from the occupied West Bank.
The Palestinian militant group Hamas praised the attack, saying it was a "natural response" to the ongoing major Israeli military operation in Jenin refugee camp, in the northern West Bank.
At least 10 Palestinians are said to have been killed since hundreds of Israeli troops, backed by drone strikes, entered the camp on Monday morning, triggering intense gun battles with Palestinian militants inside.
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