Emergency services rushed to the scene in Station Road, near Morrisons and Bamber Bridge railway station, at around 1pm.
North West Ambulance Service has now confirmed the crash involved a van and a cyclist.
A man in his 20s has been taken to hospital by ambulance in a "serious condition".
"Two ambulances, an air ambulance, and a rapid response vehicle all attended the scene," a spokesman said.
The road has been closed in both directions and a cordon is in place, with multiple police vehicles in attendance.
A spokesman for Lancashire Police said: "We remain at the scene and enquiries are ongoing.
"We will release more information when we can."
Lancashire Police has been approached for an update about the incident and the investigation.
More to follow...
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