Residents have been evacuated from the home as a safety precaution, according to Halton Regional Police.
Power is out in the area, but police say it is not known if the outage is connected to the incident at the home, which started just after 7 p.m. with a fire alarm.
Emergency crews found smoke in the electrical room in the basement.
Oakville fire officials say something exploded shortly after 8 p.m. The injured firefighters were taken to hospital.
Emergency crews remain at the facility, which is on Dundas Street West near Bronte Road.