Bono, 54, underwent a five-hour-long surgery at New York-Presbyterian/Weill Cornell Medical Center's Emergency Department.
His humerus broke in six different places and tore through the skin of his arm, said The Hollywood Reporter.
The hospital referred to the mishap as a 'high energy bicycle accident' after the singer tried to avoid another rider.
"(Bono) was taken urgently to the operating room... Where the elbow was washed out and debrided, a nerve trapped in the break was moved and the bone was repaired with three metal plates and 18 screws. The singer also underwent a second surgery to repair a fractured left pinky finger on Monday," said orthopaedic trauma surgeon Dean Lorich.