A bicycle peg assembly is designed for attachment to a threaded extension on a bicycle. The peg assembly includes an inner member with first and second ends, where the first end is internally threaded to matingly engage a threaded extension on a bicycle. The second end of the inner member is engagable for attaching and removing the inner cylindrical member from the threaded extension on a bicycle. An outer hollow cylindrical member is rotatably supported on the inner member for rotation about the inner member.