The sand-laden truck which was reportedly being driven recklessly, hit the victims who were moving with a herd of goats and cows, officials of Nagpur Rural Police said.
The unidentified children, aged between two and seven, died on the spot while the woman was admitted to Kamptee civil hospital, where she succumbed to injuries, they said.
The driver of the truck has been arrested and a case was registered against him, police added.