"I think this man was very lucky."
A spokesman for the organisers of the Ironman 70.3 race said they did not know if the man had crashed and suffered injuries or if he had suffered a medical event such as a heart attack.
He said organisers would be investigating the incident to find out what had happened to the man.
The incident occurred on Constellation Drive, on Auckland's North Shore.
It is understood the accident caused other cyclists to come off their bikes also.
The gruelling half-ironman event, part of a worldwide series, involved a 90km bike ride, a 1.9km swim and a 21.1km run.
Australian Tim Reed took out the men's event in a time of 3h 49.53s.
American Meredith Kessler won the women's race in 4h 20.12s.