The first vehicle pulled wide to avoid the cyclists but the second vehicle hit them, police said.
A 17-year-old man from Taupo has been charged with two counts of careless driving causing injury and one count of driving while his licence was revoked over the crash.
A 51-year-old man, who was driving the first vehicle, has been charged with counselling another driver to drive while their licence was revoked.
They will both appear before Taupo District Court on 27 June.
Constable Nick Weight said the incident showed the need for motorists to share the road with cyclists.
"It is a stark reminder that riders and motorists have equal rights and responsibilities on the road.
"Cyclists are particularly vulnerable and other motorists are urged to be aware of their surroundings at all times. It is recommended that a 1.5m distance is given to cyclists and if circumstances prevent this, then drivers should be patient until they are sure they can pass safely."
- HERALD ONLINE