That shot caused a welt injury, police said.
The officer making area enquiries also spoke to a second cyclist, who reported hearing a pellet fly past his head and lodge in a grass bank.
"At approximately 6.30pm, Turangi officers spotted a vehicle that fitted the description and pulled it over," police said.
"A BB gun was located and a 19-year-old Turangi man was arrested."
He has been charged with assaulting a person with a firearm or airgun and is due to appear at Taupo District Court next Wednesday.
Anybody who witnessed the drive-by shooting or who was injured in the incidents, is asked to come forward. Investigating officers are particularly keen to speak to the first cyclist who allegedly complained of being shot in the hip.
Anyone with information is asked to contact Taupo Police on 07 378 6060 or anonymously contact Crimestoppers on 0800 555 111.