Police said 17 other travellers were injured in the accident that occurred on a highway in the southern Surat Thani province.
The tour bus carrying both locals and foreigners was headed to the beach island of Koh Phangan, when its tyre burst and it hit an electric post.
They said two Indians and eight Tahia were killed in the accident early this morning.
The Bangkok Post newspaper, however, said that among the 10 people who died on the spot was one male foreign tourist, besides the driver, five female Thai passengers and three Thai male passengers.
Seventeen other people, including both Thais and foreigners, were injured, many of them seriously, the paper said.
Police were investigating the cause of the accident. Some local reports MCOT online news reported that the initial investigation concluded the front right tyre burst, causing the driver to lose control and the bus hit the electric pole at full speed.
MCOT news identified one of the Indian national killed as Amit Jain.
It said five other dead have not been immediately identified and were sent for autopsies.