According to Channel 12, this is the third recent attempt by criminal organizations to target their crime reporter Shimon Ifergan to stop his reporting.
No casualties have so far been reported and law enforcement said they were investigating the incident.
One of the suspects arrested on Route 431 tied himself to the blast during an investigation by Shin Bet and Border Police.
Following recent use of IEDs in attacks, most notably in a blast near Joseph's Tomb, commandos warned it "will only get worse" in the West Bank.
After the first explosion, the fire spread to two fuel tanks and a nearby house, leading authorities to evacuate everyone within a radius of 700 meters.
Additionally, Israeli forces destroyed a warehouse containing seven explosive devices to be used by terrorists.
Ramat Hasharon Mayor Avi Gruber said the explosion was caused by a work accident at an Elbit factory east of Highway 4.
"It's like a war here," a witness said.
Islamic State on Monday claimed responsibility for the suicide bombing of a political rally in Pakistan that killed at least 45 people.
There are at least 40 confirmed casualties following an explosion in Pakistan's Khyber Pakhtunkhwa province.
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