According to officials, the incident happened at around 10:45 p.m. at 13th Avenue and Albert Street.
Two cyclists approached a group of three young men, with one of them attacking the group with pepper spray, police say.
The victims did not require medical attention.
The male suspect is described as wearing a grey hooded sweatshirt, grey sweat pants with a black backpack and riding a bicycle.
Police continue to investigate. Anyone with information is asked to contact Regina police at (306) 777-6500 or Crime Stoppers at 1 (800) 222 – 8477.