The gunmen opened fire on the embassy compound from a passing car, killing two people and wounding a third, a Libyan interior ministry spokesman said.
A security source said the two dead were both Libyan guards, adding that while the embassy had been closed for several months, South Korean officials were continuing to use it.
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"We do not know whether the attack targeted the embassy or the Libyan (security) officers," a ministry official told AFP on condition of anonymity, adding that it was considering evacuating all its staffers from the country.
An AFP photographer at the scene of the attack said a vehicle used by the security guards was riddled with bullet holes, while it appeared that the main embassy building had not been hit.
Militias which fought to topple Moamer Kadhafi's regime in 2011 often carry out kidnappings or attacks targeting foreigners in the Libyan capital.
The country has been awash with weapons since the end of the uprising that killed Kadhafi and has been gripped by increasing lawlessness.
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