The film, published by the Kvällsposten daily, shows how a hooded man approaches the bicycle, punctures the tyres and then proceeds to pleasure himself.
"I am not scared of him, but mostly irritated over all the punctures I have had to fix," said Per Edström to the newspaper.
Edström had grown tired of finding the tyres on his girlfriend's bike deflated and placed a camera to stand guard.
The latest attack on the red-green coloured city bike took place on Thursday evening outside of the couple's terraced house in Östersund in northern Sweden.
The man appears to be holding a picture in his hand and Edström expressed concern that it may feature his girlfriend.
"My girlfriend finds it all a little concerning, you never know if he has checked her out in some way, and whether it is a picture of her he has in his hand when he is masturbating," he told Kvällsposten.
Östersund police are investigating whether there is any connection between the recent spate of masturbation bike attacks with similar incidents from 2007.
A 35-year-old man was arrested in 2007 after having slashed the tyres and ejaculated over some 20 bike seats in the city.
The man was sentenced to secure psychiatric care and is reported to have since been released.
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