There's a bike hire shop opposite the strip near La Penita Apartments, Dont know the name but you'll see the bikes on the balcony upstairs.

There is bike rental in the shopping precinct beside the small roundabout on Ave De las Playas/Calle Marte at the Pocillos/Matagorda beach area. It's just down from the Netto and Spar. He's e50 for deposit (get it back on return) and then I think e12 per day. Bike's are a OK'ish, but a bit heavy, I managed to Arrecife and back with all that wind, phewee.

I'm looking for a pretty lightweight semi-carbon good quality MB the next time I go, so if anyone's got specialist knowledge and knows of such a renter please let me know. thanks

You mean Flimstones ( yes not Flintstones ) it's run by two Italian brothers one is Fabio and he is really helpful. If you ask for the Italian Carratt bikes,they are all aluminium and quite light.We bought two secondhand ones from him recently and they are fantastic.

Good bike rental shop just up from Rocas Blancas apartments before you get to Centro Atlantico...very helpful.

Sorry phil but that is not the one which was being mentioned, that one is in the shopping centre by the Temple Bar (formerly Rose of Clare)

The one Pretz mentions is called rent a bike on Calle Anzuelo

I know this topic thread is a bit old now, but if you are interested in hiring a bike in PDC, there is a new place called Revolution Bikes & Beach Stuff on Calle Doramas in the Playa Grande area just before Los Hibiscos Hotel. They have a very good mix of bikes from kid's bikes at 5€ to fully specc'd racing bikes. We hired bikes for a variety of ages in our group and every one was excellently maintained. We have been hiring bikes for a few years in Lanzarote and have never had such good service or bikes, so it is worth checking them out.