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Check out Iceland Bike for guided tours of Reykjavík. On the list of things to do in Reykjavík at tripadvisor.com they are rated number 3 of 71 attractions (jan 2010).

Iceland Bike offers a personal eco-friendly bicycle tour of Reykjavik
to first-time visitors to the city. No visit to Reykjavik, the capital
city of Iceland, is complete without meeting a knowledgeable local
person – who brings the places to life!
A visit to Reykjavik is incomplete without travelling
along the city’s coastline by bike. We won’t just show you the
essential must-sees and the breath-taking sights of Iceland’s capital;
We tell you the stories that bring these places to life!
Season Tours is a new company (2010) offering guided tours on electric bikes:
This summer we offer the great Guided electric Bike Tour in Reykjavik and also the faster one on Scooters. Tailor made guided bike tours also available in Reykjavik and all over Iceland. Well educated guides take you everywhere worth going and bring the places life.
Check out their website: seasontours.is
Icebike andventures offers a totally different experience:
"We are not a travel agency running huge trips all year round. We are
running a small private business and we can only offer our services
during August only because we hold an immense respect for protecting the
land and soil, and because we want you to have the best possible biking
conditions. We consider this to be very important and that makes our
trips very exclusive. "
"All routes are AM allmountain, not xc. There is a lot of hike and bike with plenty of fun on the way down. Recommended bike; 4-7 inch suspension, 15kg or less. These trips are not intended for persons with beginner bike skills. All participants should have some allmountain experience."
Check out their website: icebikeadventures.com
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