Police said on Friday the two men, whose names and nationalities were not disclosed, were performing a stunt involving an explosion on an inflatable boat on the Ognyanovo dam, just outside the capital, Sofia. The incident occurred late on Thursday.
The injured man has undergone a five-hour operation and his condition was stable, doctors are quoted by the BTA news agency as saying.
In a statement, the production company Nu Image/Millennium Films confirmed the "unfortunate accident", adding "the filmmakers are working closely with the authorities".
No information has been released yet as to the identities of the men involved in the incident. A representative from the production company behind the Sylvester Stallone-produced film, Nu Image/Millennium Films, released a statement, saying, "It is with great regret that we confirm this unfortunate accident. Our hearts go out to the families and those on the production affected by this tragedy. The filmmakers are working closely with the authorities in responding to and investigating this accident."
The accident occurred while the second unit filmed at the Ognyanovo dam in Bulgaria. None of the film's stars were present during the incident, as the first unit was filming at a resort more than two hours away.
"Expendables 2" is scheduled to hit theaters next August and stars Stallone, Jason Statham, Bruce Willis, Arnold Schwarzenegger, Chuck Norris and Jean-Claude Van Damme. It is the sequel to the hit 2010 action film written and directed by Stallone. The sequel reunites most of the cast, while adding Simon West as director and adding Norris and Van Damme to the lineup.