The man was punched and kicked then thrown into a burn during the assault on a cycle path in Edinburgh at around 6.45pm on Sunday.
The 50-year-old was riding his bike close to Wardie Road Bridge, near Trinity, when he became involved in an argument with two men.
The row escalated and the two men attacked the cyclist, leaving him with facial injuries, and stole his wallet.
The injured cyclist was taken to Edinburgh Royal Infirmary for treatment.
Police are seeking information regarding the two attackers. The first was white, aged 20 to 30 years old, between 5ft 8in and 5ft 10in, and with a gaunt appearance. He was wearing a bomber jacket, jeans and trainers.
The second man was white, aged 20-25, 5ft and wearing a light tracksuit and black beanie hat.