The incident happened around 1:45 on Saturday afternoon on the coastal path between Crail and Cellardyke, near to Caiplie Caves.
Two women aged 24 and 29 were walking in the area when they saw a man exposing himself to them.
Both then left the area and contacted police who are asking anyone who can help identify the suspect to contact police immediately.
The man is described as having a tanned complexion, late thirties to early forties with short dark hair and wearing dark tracksuit bottoms with a stripe down the side and a long-sleeved navy top.
Detective Inspector Kelly McEwan said: “While neither woman was injured during this incident this was an alarming ordeal for them and indecent acts such as this will not be tolerated.
“If you have any information that can help us identify this male then please come forward.”
Those with information should contact Police Scotland on 101 or make an anonymous report to the charity Crimestoppers on 0800 555 111.
This news report was originally published in our sister title, Fife Today.