The incident occurred Wednesday near a high security zone in Shandai Mor of Bajaur, Dawn newspaper reported. Bajaur is the smallest of Pakistan's seven Federally Administered Tribal Areas.
The attackers stopped a vehicle, pulled the women out and gunned them down, eyewitnesses told Dawn newspaper. Two men in the vehicle also suffered bullet wounds, the report said.
The report said the teachers were going home from their government-run school when they were attacked. The attack site is in an area with several check posts.
Security forces in nearby Khar and Mamond areas captured 12 suspected militants during a search operation but it was not clear whether any of them were connected to the shooting incident, the report said.