Adjustable bicycle handlebars comprise a mounting member adapted to be attached to a bicycle frame and right and left handlebars that are mounted on the mounting member to swing between standard positions in which they extend generally downwardly and laterally outwardly in opposite directions from the mounting member and aero positions in which they extend generally forwardly from the mounting member in closely adjacent relation. The handlebars are interconnected for coordinated swinging movement between the standard and aero positions so that when either of them is moved between the positions the other moves with it. Each handlebar has an armrest portion adapted to support a portion of the forearm of a rider when the handlebar is in the aero position. Also, each handlebar has an elongated body portion adjacent the mounting member and a handgrip portion remote from the mounting member that extends generally vertically when the handlebar is in the aero position. A brake lever is mounted on each handlebar immediately adjacent the handgrip portion so that it is immediately accessible to the rider in both the standard and aero positions of the handlebars.