bait bike
n. A bicycle used as a lure to entrap a thief. Also: bait bicycle.

Example Citations:
Two men were arrested for suspicion of stealing bait bikes in midtown Sacramento last week.

At 10:14 p.m. last Wednesday, a bait bike parked near 20th and J streets was moved, activating its tracking sensor, police said. The signal led officers to 8th and K streets and from there to a light rail train.

Police officers stopped the train, boarded and confronted a passenger holding the bait bike.
—Tillie Fong, “Two men arrested in alleged ‘bait bike’ thefts,” Sacramento Bee (California), November 10, 2013

Officer Matt Friedman fights crime with modern tools: Twitter, which he uses to publicize pictures of suspects and convicted criminals, and a GPS device, which he uses to track down stolen property.

In both cases, his lure is stolen bicycles — including the “bait bikes” that have recently been seeded throughout the city to tempt potential thieves. Equipped with GPS technology, the bicycles, which exist to be stolen, can be tracked down in real time and the thieves can be arrested. Then their photographs are posted to Twitter from the handle @SFPDBikeTheft. The bait bikes are of high value, to ensure that people caught taking them are charged with a felony.
—Matt Richtel, “Police Use High-Tech Lures to Reel in Bike Thieves,” The New York Times, May 28, 2014

Earliest Citation:
Operating a sting operation, Ventura County sheriff’s deputies on Friday arrested two Moorpark juveniles in connection with a string of bicycle thefts....

The 12-year-old attempted to steal a “bait bicycle” left in front of the store by deputies, authorities said.
—David Greenberg, “2 youths arrested in string of bike thefts,” Los Angeles Times, August 9, 1997

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