He did not break any bones but had to be treated for a severe cut on his elbow and a hematoma on his hip.
Branson posted a photo of himself after the incident on Instagram.
He wrote: “Took quite a big tumble while cycling in Virgin Gorda a little while ago! I hit a pothole and crashed hard, resulting in another hematoma on my hip and a nasty cut elbow, but amazingly nothing broken.
“We were cycling with Alex Wilson, who fell after me, but thankfully he was ok as well.
“I’m counting myself very lucky, and thankful for keeping myself active and healthy. After all, the brave may not live forever but the cautious do not live at all!”
It is not the first time Branson has had a nasty crash while cycling.
In 2021 he suffered a “colossal” bike crash during a fundraising event in the British Virgin Islands.
The entrepreneur feared he had broken his back or paralysed himself after his bike brakes failed.
At the time the business magnate said there was no doubt wearing a helmet saved his and his fellow rider Felix Stellmaszek’s lives when they collided.
In a split second Branson faced either dropping off a cliff, hitting a car or clashing into his fellow rider when he come up against a steep corner.
Back in 2016, the star, who lives on a private Caribbean island, also cracked his cheek and tore several ligaments in a cycling accident.