The vehicle was found Tuesday near Musharraf's home on the outskirts of Islamabad, where the retired general, facing various charges and accusations related to his military rule, is being held under judicial detention.
The explosives were defused before the vehicle was moved from the scene, Geo News reported.
Musharraf, who ruled the country for nine years after staging a coup in 1999, returned to Pakistan last month after four years of self-imposed exile in London and Dubai. He wanted to contest in Pakistan's May 11 parliamentary elections, but his candidacy applications have been rejected. His current detention in his villa, which has been turned into a sub-jail, stems from charges of holding judges during his rule.
Security has been tightened for Musharraf, who faces threats from terror groups since his return.
Dawn newspaper quoted Islamabad police chief Bani Amin Khan as saying the car with the explosives was spotted by security personnel as Musharraf was being taken back after appearing in an anti-terrorism court in nearby Rawalpindi.
Khan said the explosives were rigged to the vehicles' fuses.
"It was ready to blow up and needed only detonation from remote control," the police official said.