Witnesses have said a white van mounted the pavement and ran over pedestrians.
There are reports there are armed police at the scene, and about five people are being treated for their injuries after being hit by the vehicle.
BBC reporter Holly Jones, who was on the bridge at the time of the incident, said the van was driven by a man and was “probably travelling at about 50 miles an hour”.
Ms. Jones said the van, which was travelling from the direction of central London, headed towards the south side of the river.
She later reported seeing a man being arrested by police. She said he was handcuffed and had his shirt off.
An eyewitness told Sky News he saw people who seemed to have been run over and people being placed in an ambulance covered in blankets.
A nearby railway station has been closed and police are advising people to stay away from the area.
- There have been unconfirmed reports of at least seven victims being stabbed at landmark in central London
- Three men 'of Mediterranean origin' reportedly left van and began stabbing people on Borough High Street
- One witness said she saw three people with what appeared to be their throats cut on London Bridge
- Also unconfirmed reports of gunfire on Southwark Street amid the 'utter chaos' of attack on Saturday night
- Police are also responding to an incident at Borough Market, Scotland Yard have confirmed
- Armed police and a bomb squad are attending the scene and boats are currently searching the Thames
A manhunt has been launched for three men with 12-inch hunting knives who have reportedly stabbed pedestrians after mowing down up to 20 people with a white van on London Bridge.
The men, described as being 'of Mediterranean origin', reportedly jumped out of the van and began 'randomly stabbing people' along Borough High Street. More than one person has died at London Bridge, police said.
Witnesses reported hearing 'rapid gunfire' amid reports that least seven people have been stabbed, leaving bodies 'strewn' on the road in central London. One of the casualties is reportedly a police officer.
One woman said she saw three people with what appeared to be their throats cut on London Bridge amid the 'utter chaos'.
Police have responded to reports of stabbings in Borough Market, armed officers responded and shots have been fired, Scotland Yard said.
Police have responded to another incident in Vauxhall in south London, Scotland Yard said.
A man has been arrested, as Sky News reported live from Borough High Street.
There are unconfirmed reports of gunfire on Southwark Street.
Armed police have entered Monument station and bystanders being told to run. Bank and Monument tube are closed. Police are advising people who live within the London Bridge cordon to stay somewhere else tonight if they can.
The car, believed to be a B&Q vehicle, was reportedly veering in an 'S shape' at 50mph across the bridge and has driven towards the Shard and is south of the river. The drivers have not been caught.
Terrifying footage from the scene shows police officers shouting 'Clear the scene now!' as panicked pedestrians flee.
The bridge is in lock down and the area around it is closed with bus routes being diverted, as armed police and a bomb squad attend the scene and boats search the water.
Ben was 15 metres away near Borough Market when he saw a man with a knife stabbing people in the street.
He said: I was across the road from Borough market. We saw people running away and then shouting. I saw a man in red with quite a large blade stabbing a man about three times fairly calmly.
'I was across the road about 15 metres away. He was dark-skinned and had a red tracksuit on.'
Several police officers have stormed a pub opposite the bridge and told people to 'get down' and sit on the floor.
A cab driver told LBC that three men jumped out of the van.
He said: 'They just had these long blades, about 12 inches long. They just went randomly along Borough High Street stabbing people.
'A young girl got stabbed in the chest, she was laying there - it's so sad.
'I thought, 'I'm gonna try and hit him, I'm gonna try and knock him down'. I spun the cab round, I was about to ram one of them, but he side-stepped and three police officers came running towards them with their batons drawn.
'I was shouting at everybody, just get away from the area, stay back, just run the other way. There were a good few hundred people out there.'
'He's veered across the road towards the right hand of where Southwark Cathedral is and rammed it where the steps are.
'He just rammed it towards them, wedged it in between the lamppost and the steps and so he's hit people there.
'They've jumped out of the van and started stabbing people randomly. There was a scattering of people.'
Pictures of the white van will be circulated across London.
Tony Murphy, who has a flat opposite Southwark Bridge, said he heard 'rapid gunfire'.
He said: 'I'm actually former military. I heard what was significant gunfire.
'At first I thought it was fireworks but it was so rapid I recognised what it was.
'It went on for quite a long time. The response took about 10 minutes. I immediately text my family and they said they heard it. It was tremendous gunfire.'
Holly Jones, a BBC reporter at the bridge when the incident happened, said a van had swerved off the road into a crowd of pedestrians.
'A white van driver came speeding – probably about 50mph – veered of the road into the crowds of people who were walking along the pavement,' she told BBC News.
'He swerved right round me and then hit about five or six people. He hit about two people in front of me and then three behind.'
Ms Jones later reported seeing a man being arrested by police. She said he was handcuffed and had his shirt off.
Witness Alessandro told the BBC that he saw a van at the end of London Bridge with no driver inside and described the 'five or six' people hit as 'very young'.
He said: 'I was going up the stairs of London Bridge Station. I saw this van going left and right trying to hit as many people as he could. I tried to help people.
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