A cyclist has died in the annual Lake Taupō Cycle challenge.

Event organisers have confirmed the person died while competing in today's event, which takes cyclists on a course around Lake Taupō.

"Early information suggests a medical event involving a single rider," a spokesperson for the event said.

"We extend our deepest sympathies and thoughts to the family of the deceased and those close to them."

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Lake Taupō Cycle Challenge management and trustees were working with police and other authorities regarding the incident.

Immediate family had been notified by police.

Organisers also extended their thanks to fellow riders who stopped to provide medical assistance at the scene.

The incident was the second involving a cyclist in the Taupō region today.

A police spokesperson said officers were called to a crash involving a car and a cyclist on Wairau Ave, shortly after 1.30pm.

The cyclist had serious injuries and was taken to Taupō Hospital, he said.

A Taupō Hospital spokeswoman said the patient had since been transferred to Rotorua Hospital in a "stable condition."

Cyclists competing in the Lake Taupō Cycle Challenge are given the option to ride courses ranging from 5 kilometres, to 640 kilometres for the "maxi enduro" race.