Craig Premack was cycling on Highway 1 just south of Spences Bridge at around 1 a.m. PT when someone opened fire on him, hitting his upper body.
Police believe the unknown assailant took the shot from off the highway and then fled in a pickup truck.
Premack was taken to a local hospital and remains in stable condition, police said. He is expected to make a full recovery.
Police are now looking for the unidentified shooter and have released photos of the scene and Premack's bloody bike, in hopes someone might come forward with information.
"Police are actively investigating, but continue to seek the public's assistance in order to identify a possible suspect in this seemingly random shooting," said RCMP Const. Kris Clark.
Premack was taking part in the Cache Creek 600, a 600-kilometre, two-day cycling marathon from Pitt Meadows to Cache Creek put on by the B.C. Randonneurs Cycling Club.
Riders taking part left Pitt Meadows Saturday morning for the 300-kilometre ride through Mission, Agassiz, and up the Fraser Canyon through Spences Bridge to the turnaround point in Cache Creek.
Because of the long distances involved, the cyclists in the ride are on the road during the early hours of the morning when Premack was shot.
Google Map: Spences Bridge