The incident happened shortly before 1pm, with the Scottish air ambulance in attendance.
The road has been closed in both directions at Ladybank, and motorists are advised to use the local diversion route and allow for longer than normal journey times.
A Police Scotland spokesperson said: "Around 12.55pm on Thursday, 3 June, officers were called to a report of a three car road crash on the A92 at Ladybank. Police and Ambulance are at the scene."
Updates to follow