Security sources have identified the man as a prison officer.
Sky News Ireland Correspondent David Blevins said the man has been taken to hospital with what are believed to be serious leg injuries but he is not thought to be in a life-threatening condition.
It is understood he had been driving a van when the device detonated and detectives are examining the possibility that the bomb may have dislodged from the vehicle as it went over a speed bump.
The incident happened in the Woodstock Road area of the city and that road is now closed at its junctions with Omeath Street and Ravenhill Avenue.
Police Service of Northern Ireland Superintendent Darrin Jones said: "We believe a device has exploded under a vehicle.
"The incident was reported to police at 7.10am this morning Friday, 4 March."
Emergency services are still at the scene and witnesses report that part of a twisted bumper can still be seen lying at the side of the road.
A shop worker nearby said he had heard a "massive" bang, adding: "I didn't know what it was but it was huge."
Blevins said: "This bears all the hallmarks of a dissident Republican attack.
"Renegade Republicans who oppose the peace process, who believe Sinn Fein surrendered, if you like, have continued to be active, although security forces and police have been very successful in thwarting attacks of this nature."
Stormont First Minister Arlene Foster condemned the incident as a "disgraceful and despicable attack in east Belfast".
Sinn Fein MLA Gerry Kelly said: "There can be no place for such attacks in our society.
"I hope that the man injured in this incident makes a full and speedy recovery.
"Those behind attacks like this represent no one and have nothing to offer the community."
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