The 14-year-old boys were cycling along Durham Drive around 6.20pm on Tuesday when they were stopped by three unknown men who grabbed them and told them to hand over their bikes.
All three suspects then made off with the bikes heading in the direction of Milton Road West before being lost from sight.
The bikes are believed to be worth a four-figure sum of money.
One is a Giant Stance mountain bike, with a blue and black frame and 27 gears, and the other is a Specialised Pitch bike, white with black writing and black wheels.
Police are now appealing for information about the incident and carrying out inquiries in an effort to trace the suspects.
The first suspect is described as white, approximately 15-17 years old, around 5ft 9ins tall with a heavy build and chubby face.
The second suspect is white, around 16 years old, 5ft 9ins tall, with a medium build. The final male is also white, has a medium build, 5ft 9ins tall and wearing a navy coloured tracksuit.
Detective Constable John McShane said: “Fortunately, neither boy was injured in this incident however they have been left shaken.
“Local officers are carrying out various inquiries in an effort to trace those responsible as quickly as possible and I’d be interested to hear from anyone who has information that can help us identify them.
“Similarly, I ask anyone who was in the area around the time of this incident and who noticed any persons who they believe have been offered the stolen bikes for sale to come forward.”
Anyone with information contact police on 101.