This is a cycleball match. A 2010 article in Wired describes the game: two teams of two players each face off on an indoor court measuring 36 by 46 feet. The ball is about 7 inches in diameter. Players use their bicycle wheels to whack the ball toward their opponents' goals, which are 6.5-foot squares. As you can see from this match in Japan, skilled players can make the ball go precisely where they want to.
The sport was popular in Europe during the 1970s and 80s. There was an effort to develop it in the United States, but it never flourished. There was, however, a major demonstration of cycleball in 1984.
-via WTF Japan Seriously