The 18-year-old was riding along Blackford Glen Road towards the junction with the A701 on Friday at 5pm when the assailants - who had been leaning against a silver car - struck.
They stole his rucksack, which contained various items, and a two-figure sum of cash.
The first man assaulted the cyclist before he managed to flee. He suffered facial injuries but did not need medical attention.
The first suspect is described as white, tall in height, stocky build, 20-25 years old, with short black hair.
The second suspect is described as white, 6ft tall, with a skinny build and long fair hair with a beard.
There was a third man within the vehicle, although no description is available.
Police are now urging anyone who can assist with their enquiries to come forward.
Detective Constable Kevin Tait said: “The victim was understandably very distressed by this incident and we’re asking anyone who may have witnessed this, or has information which can help with our enquiries, to come forward.”
Anyone with information is asked to contact Police Scotland on 101 or contact Crimestoppers anonymously on 0800 555 111.