AXE-wielding robbers demanded bikes from teenagers cycling around Campion Hills in Leamington.
Five men threatened three boys with the axe at around 6pm on Friday March 23.
The boys cycled away but left their rucksacks behind containing bike equipment, which the robbers took.
A passing resident waited for the police with the boys who were scared the thugs would return.
Insp Dave Kettle said: “This was a terrifying incident for the three boys and we’re keen to speak to anyone who witnessed it or saw anyone acting suspiciously in the area.
“It was early in the evening so there may well have been people in the area who might be able to help with our enquiries.”
Anyone with information should call police on 101 or Crimestoppers anonymously on 0800 555 111.
