The incident happened on Saturday, November 4, between 9.50pm and 10.10pm when the victim left his bicycle locked to the cycle racks at the George Street end of Corporation Street.
A police spokesman said: “A male arrived on a red bicycle, cut the lock and stole the bicycle.
“He left his own bicycle behind.
“The stolen bicycle is an orange and black Carrera Sulcata.”
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Witnesses or anyone with information about the theft can contact Northamptonshire Police on 101 or Crimestoppers anonymously on 0800 555111.