It happened on the road to the Kincardine Bridge at the A985 near to the junction with Gallows Loan around 5.50am.
The road was closed for five hours.
Police said all three motorbikes were heading westbound in the direction of the bridge.
A 37-year-old man was taken to the Royal Infirmary in Edinburgh for treatment to serious injuries.
A 27-year-old man has been arrested in connection with a road traffic offence following the incident, and further enquiries are ongoing.
Sergeant Ross Drummond of Police Scotland’s Road Policing Unit said: “Our enquiries into this incident are ongoing and I would urge anyone with information to come get in touch.
“We would be particularly keen to speak to anyone who may have dashcam footage from the road around that time.
Call 101, quoting incident 0981 of 10 July.