Virtual reality can be a useful tool for exercise facilitation by providing specific action feedback through environment and avatar design. During locomotion, the visual flow speed is a central sensory cue. It conveys information about the actor’s movement speed and direction. The impact of visual flow speed manipulations has been predominantly investigated in cycling time trials or comfortable gait, focusing on the effects on pacing and motor control. However, the effects on effort during constant load cycling have rarely been examined. In the present study, 66 university sport students perform two 10-min cycling bouts at a constant, moderate intensity. The speed of the virtual scene corresponded to an individually assessed accurate speed that was either decreased or increased by 50%, respectively. Heart rate and subjective effort were measured throughout each trial. Increased visual flow speed was expected to evoke lower heart rates and ratings of subjective effort. Mixed linear model analyses revealed no significant effects of visual flow speed on either dependent variable. Post-trial questionnaires showed greater senses of agency and presence when cycling with increased visual flow. Increased visual flow speed was further concomitant with slightly lower cadences. Although subjective reports indicated differences in the perception of both exercise bouts, the performance parameters failed to demonstrate an effect of visual flow speed. Adaptation processes to the visual flow speed might account for some of these results.