Both attacks happened at separate times during the evening of Friday October 28 just before the bridge over Coventry Road in Kenilworth, close to the intersection of the Greenway and the Warwick University cycle path.
A spokesman for Warwickshire Police said: “A man on a bicycle was confronted by three unknown men between 6.40pm and 6.45pm when one of the men punched the cyclist, knocking him off his bike.
“The victim, a man in his 40s, was hit again and had a bag and a folder taken from him but thankfully did not receive any serious injuries.”
The other victim was believed to have been confronted earlier at around 6pm, but he managed to get away from the men.
Anyone with any information should call Warwickshire Police on 101, quoting incident number 341 of Saturday October 29.