The blast left behind a wreck of twisted metal, shattered glass and debris across the area.
ACT Police Detective Acting Inspector Emily McCallum said it was lucky more people weren't hurt.
"It's in a very well used area, there are a lot of local takeaway places, service stations, and things like that," she told reporters.
"So, yes, (we're) obviously very, very grateful that there was only one person injured."
Firefighters attended the scene to extinguish blazes in several premises.
Paramedics also attended, taking one man to hospital for treatment.
The full extent of the damage is still being determined.
Several roads in the area were closed, and expected to remain closed into Tuesday morning.
ACT Policing said the cause of the fire is not known, and remains under investigation.
Police have already spoken to several witnesses, but anyone who witnessed the explosion who has not yet talked to police is asked to contact ACT Policing Operations on 131444, quoting reference number P2042617.