As part of the agreement, Fitbit Premium Members Residents in the US, UK, Canada and Australia will have access to Peloton classes across all categories, including pilates, running, boxing and cycling.
Platoon Members, on the other hand, would receive deals on Google Pixel watches and Fitbit Charge 6 devices.
The companies did not disclose financial details of the deal.
The partnership comes as Peloton is grappling with declining sales due to uncertain demand for its stationary bikes and treadmills, prompting it to refinance its debt.
Peloton shares were up about 3% in afternoon trading.
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