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"The main problem is it is going to hurt local grocery stores," Khanna, a Democratic congressman whose district includes a large portion of Silicon Valley, said on "Squawk Alley."
Amazon and Whole Foods can "engage in low-cost pricing and it is also going to put pressure on wages," he added.
On Monday, Amazon's stock jumped to an all-time intraday high, three days after the company announced its blockbuster agreement to acquire Whole Foods.
Khanna said Wal-Mart's dominance in the grocery space has already had a negative impact on wages and local grocery stores. He said the Amazon-Whole Foods deal will further "aggravate" the situation.
CNBC has reached out to Amazon, Whole Foods and Wal-Mart for comment.
Whole Foods said it has "nothing to add."