According to the Yekaterinburg regional news website 66.ru that first broke the story and published a video of the incident, two military helicopters were chasing a target when one of them accidentally fired air-to-ground rockets at bystanders.
Interfax did not say when the incident happened, or where, or if the exercise was part of the Zapad-2017 war games.
The Russian military acknowledged that a rocket was sacked by accident by a helicopter, but insisted that no one was hurt in the incident.
The incident reportedly took place at the same firing range where, on Monday, president Vladimir Putin watched artillery and aircraft conduct drills as part of the huge, Zapad 2017 exercises, which have drawn intense attention in recent weeks and anxious countries in eastern Europe.
"It's following in line with what we've seen with these annual exercises in the past", he said.
The exercise at Luzhsky test site in Leningrad Region were observed by Russian President Vladimir Putin.
Russian Federation and Belarus kept the stated number of troops involved in the drills just below 13,000, a limit allowing them to dodge more intrusive inspections by North Atlantic Treaty Organisation.
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A lucky escape at the Zapad military exercise.
Russian Federation is now staging the Zapad 2017 war games in the area.
Life.ru said the rocket exploded near a crowd of journalists, military experts and foreign military attaches.
The helicopter drill was part of Zapad, a large-scale joint military exercise with Belarus taking place close to Russia's border with Estonia.
"The aiming system of one of the helicopters mistakenly captured a target, and an unguided missile hit a truck, in which there were no people", the press service explained.
The unnamed source told 66.ru that there appeared to have been a technical glitch on board "and the missiles blasted off on their own".