The incident happened at around 2.30pm yesterday in a car park near Ladybank.
Officers are now appealing to the public for more information to help trace the man in question, who was spotted near the Birnie Loch and Gaddon Loch Nature Reserves.
A Police Scotland spokeswoman said: “Police in Fife are investigating following a possible indecent exposure in a car park just off the B937 in Ladybank.
“The incident happened around 2.30pm on Tuesday, April 30.
“Inquiries into the circumstances are currently ongoing.
“Anyone with information that can assist officers is asked to contact Police Scotland on 101, quoting incident number 2073 of April 30.”
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