Police are now investigating the incident which allegedly involved youths who were wearing balaclavas.
An eyewitness to the theft said they were walking home from work along Roseneath Place in Marchmont when they spotted the youths.
They explained that they “saw the 3 boys making off with a bike which one of them mounted on their shoulders while riding their own bike.”
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A Police Scotland spokesperson added: "Around 1.10am on Thursday, 28 July, 2022, officers received a report of a bike allegedly being stolen from Roseneath Place, Edinburgh.
"Efforts are being made to contact the complainer for further details.
"Anyone with information is asked to contact officers via 101 quoting incident number 0166 of Thursday, 28 July, 2022."
