The incident occurred at a park in Elad, north of Tel Aviv.
Police are now looking for two suspects, writes Jerusalem Post.
The men are said to have been armed with a firearm and an ax.
Authorities have asked residents in the area to stay indoors.
Israel is celebrating its national day today.
Due to this, the country's security forces have strengthened their presence in the West Bank and Gaza, whose border crossings have been partially closed.