A 31-year-old man attempted to steal a road bike worth $15,000, while a group from the event were having a meal after one of their races in Invercargill on Saturday, police said.
However, the alleged thief did not get far.
Two cyclists hopped on their bikes and chased down the man, who made it just three blocks before being sandwiched in and apprehended.
Police were on-scene within a minute and the offender was arrested without incident, although a little out of breath.
The bike suffered only minor damage and the owner was able to race with it the following day.
The alleged thief will appear in Invercargill District Court today.
- APL