The blasts occurred at Abul Hassan Isfahani road near Abbas Town in Gulshan-e-Iqbal.
Rescue workers have shifted the bodies and the injured to Jinnah Hospital, Patel Hospital and Agha Khan Hospital.
Nearby buildings were either completely or partially damaged, and many houses caught fire after the blasts.
Police said the first blast was planted in a motorcycle and targeted an Imambargah.
The second explosion, according to police sources, was a CNG cylinder blast.
In November, two people were killed and around 10, including two Rangers officials, injured in a blast occurred near an Imambargah in Abbas town.