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The police department said the male cyclist had minor injuries but was transported to the hospital at his request.
Police are looking for the SUV, which fled the scene.
The unidentified cyclist was hit on South Gloster in front of the old McDonald's location near Wendy's.
The bike had a dented wheel, according to TPD Lt. Marty Mask. Mask said TPD is investigating the incident, which happened in the dark while it was raining.
Mask said it is possible the SUV didn't see the cyclist.
He said the SUV should have damage consistent with hitting a bicycle.
If you have any details about the incident, call TPD at (662) 871-7927 or (662) 871-7924.
Third cyclist hit in two weeks
Tonight's incident marks the third cyclist to be hit in two weeks by a vehicle in Tupelo.
Tuesday morning a man crossing the intersection of West Main and Thomas Street on his bike was struck by a vehicle. He was taken to the northeast Mississippi Medical Center and treated for minor injuries.
Read more about Tuesday's incident.
Tuesday's accident came six days after a cyclist was struck by a passing vehicle on the Natchez Trace Parkway near Tupelo High School.
Rob Bowers, a high school principal in Kentucky, suffered a broken collarbone, a concussion, compressed vertebrae and a sprained ankle in the accident. He was released from the hospital over the weekend.
Authorities are looking for a dark burgundy Ford F-150 with damage to the passenger side front fender and door. This vehicle is suspected to have been involved in the hit and run.
Read more about the Natchez Trace incident.