The incident occurred close to William Reynolds Infant School on Westbourne on Wednesday at around 3.35pm.
The teenager was riding his bike from the football field onto a footpath near the school when an unknown male youth – described as being black, around 6ft tall and as wearing dark clothes including a black hat – approached him.
After a brief conversation the youth grabbed the victim’s bicycle – a MTV Grad CX 26 – and made off with it.
Just a few seconds later a second male youth appeared and tried to steal a mobile phone from the same victim. However, this time the victim fought back and the youth was forced to run off without the mobile phone.
A police spokesman said:
“Although thankfully he wasn’t physically harmed, the young victim has been very shaken by this incident.
“Officers investigating this robbery are keen to speak to anyone who may have information about it, especially anyone who may have seen the robbery itself take place.
“Two 16-year-old youths have been arrested as part of the investigation into this incident and they have now been released on bail pending further enquiries.”