Chris Bartlett, who originally hails from Ipswich, was competing in a race in Huercal Overa, Spain.
The 26-year-old professional cyclist, who was using the experience as part of his winter training schedule, said that he had no idea what the winner's prize would be until he stepped up to the podium.
Bartlett told the Ipswich Star: "There's nothing like a competitive race to keep your fitness levels up, so when I saw the race advertised, I entered.
"I had no idea what the prize would be. After I'd won and the official handed me the pig, I said, 'What am I supposed to do with it?' He said: 'Eat it!'"
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The tradition of giving the piglet as a prize is so that it can be part of the winner's Christmas feast, but Bartlett decided to save it.
He has now persuaded Ollie Watts - the English owner of his training camp Kinetic PB - to keep the pig as a mascot, and she has been given the name 'Lucky Rapha'.
Watts said: "Lucky is already a big hit with the athletes... staying at the camp, who touch her for luck every morning.
"She has to be the luckiest piglet alive, and we are delighted to have helped save her from the chop."
Watch some footage of the race below: