The busy market is located in Ibadan South-West Local Government Area.
The cable snapped and fell on some vegetable sellers at the Agbekoja section of the popular market around 7a.m on Monday.
Among the victims is a pregnant woman simply identified as Tawa, said to be the only child of her mother.
Another female casualty was a nursing mother who was electrocuted while her one-year-old son survived.
The spokesperson for the state police command, Mrs. Olabisi Ilobanafor, confirmed the incident, saying only five people died while the survivors were rushed to the hospital for treatment.