The purpose of this study was to examine the effects of a 2-km swim on markers of subsequent cycling performance in well-trained, age-group triathletes. Fifteen participants (10 males, five females, 38.3 ± 8.4 years) performed two progressive cycling tests between two and ten days apart, one of which was immediately following a 2-km swim (33.7 ± 4.1 min). Cycling power at 4-mM blood lactate concentration decreased after swimming by an average of 3.8% (p = 0.03, 95% CI −7.7, 0.2%), while heart rate during submaximal cycling (220 W for males, 150 W for females) increased by an average of 4.0% (p = 0.02, 95% CI 1.7, 9.7%), compared to cycling without prior swimming. Maximal oxygen consumption decreased by an average of 4.0% (p = 0.01, 95% CI −6.5, −1.4%), and peak power decreased by an average of 4.5% (p < 0.01, 95% CI −7.3, −2.3%) after swimming, compared to cycling without prior swimming. Results from this study suggest that markers of submaximal and maximal cycling are impaired following a 2-km swim.