The explosion occurred just as President Mnangagwa was leaving the stage after his rally at white city stadium. Kembo Mohadi suffered leg injuries, and Constantino Chiwenga had slight facial bruises, state media said.
In November, Robert Mugabe was forced out of power after 37 years, following a peaceful military takeover supported by the vast majority of the 17 million population.
Officials said Mr Mnangagwa was whisked from the stadium rally to a nearby government building in Bulawayo, a traditional opposition stronghold.
"President Mnangagwa has not been injured and is at Bulawayo State House".
Several people have been injured in an alleged bomb blast at a Zanu-PF rally in Zimbabwe.
The area around the stage was immediately cordoned off with explosives experts collecting evidence.
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Home Affairs Minister Obert Mpofu confirmed the "unfortunate incident" adding: "There were some injuries but I am still to get full details but as you are aware this happened close to the (president)".
Zimbabwe's main opposition leader, Nelson Chamisa, said: 'Our prayers go out to the injured and we hope no lives have been lost.
"Political violence of any nature from any quarter is totally unacceptable".
He was campaigning ahead of the July 30 national elections.
Mr Mnangagwa has pledged to hold a free and fair election, inviting Western observers for the first time in nearly two decades.
The US Embassy in Harare condemned the attack.
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