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Duct taped to the handlebars, opposite my squeaky horn. Move out of the way, pedestrians!
disclaimer: I am not currently in possession of a firearm, nor a bike. Working on the squeaky horn, though!
I've actually carried a PM9 in a pocket holster while road biking. I put it in the back pockets of my cycling jersey. This was mostly just to try it though.
For mountain biking, I'd put it in my Camelbak.
I also carry OC clipped to a pocket or the waist band.