I didn't get time myself to do this trip, but I heard several recommendations of it.
The following is from their website:
"These special developed guided Bangkok Cyclist Tours will bring you to places hardly visited by tourists. Klongs (canals) may have once earned Bangkok the title of the "Venice of the Orient." The tropical landscape and Thai style homes will shatter all Western illusions. These bicycle tours bring you to very small backstreets, alleys, markets, temples and even the small streets and houses below Bangkok highways. This gives a true picture of daily life for a lot of people in the city.
While biking along the vast network of elevated pathways over the Klongs, which are only wide enough for bicycles and motorbikes, you will discover real Bangkok. These pathways put the crowded roadways of Bangkok far behind you.
After a nice trip by Klong (Canal) boat you will leave the metropolis part behind and continue your tour through an oasis of green landscape scattered by fruit plantations and typical Thai style houses. Here a few cars will be seen. No traffic jams, no hassle, no shopping malls, no air conditioning, no modern-day Bangkok life. As if you are in a remote village, people live in small houses, living from the products on their lands.
There are hardly any roads, so you are required to balance on the high concrete paths leading through this picturesque part of Bangkok. When you return to the city, you cannot believe that you have just come from paradise.
Our bicycle tours will give you an impression of real Bangkok. Cycle through neighborhoods where you will never go on your own. Bangkok is a very big city but not all buildings are concrete and 25 stories high. Discover the way of life of the local people in Bangkok."
ABOUT A BICYCLE TOUR ALONG THE CANALS
Bangkok Tourist Bureau organizes a one-day bicycling trip on the first Sunday of every month, plying along canals in Thon Buri area including Khlong Maha Sawat, Khlong Bang Kun Phrom.
The tour features a visit to temples and a chance to observe canalside life. Tour cost is 650 Baht per person.
For more details, call 02 225 76 12
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