The stabbing attack took place at a tunnel checkpoint in Gush Etzion early on Wednesday morning, the IDF confirmed.
According to police, the suspect arrived from the West Bank side on a bicycle, and drew his weapon when security forces attempted to question him.
The police said the attack was carried out by a 15-year-old terrorist, at 8:15 am.
Armed civilian guards responded to the attack and IDF forces at the crossing neutralised the terrorist at the scene.
According to Magen David Adom (MDA) a 25-year-old man and an 18-year-old woman were lightly injured in the attack.
A MDA spokesperson said a emergency called was received at around 8:16 of two wounded in a stabbing attack near the tunnels checkpoint exiting Jerusalem.
The injured were taken to Shaare Tzedek Hospital.
Shilo Ettinger, a United Hatzalah volunteer EMT at the scene told reporters: "I was on a bus (with basic dressing equipment), and a few seconds after we passed the checkpoint we heard gunshots. I told the bus driver that I was a United Hatzalah EMT and he allowed me to get off to help the wounded. I arrived at the scene in about half a minute, and I provided initial treatment to a young man and woman suffering from stab wounds. At this stage, their condition is defined as mild and mild to moderate."