German officials said Thursday they foiled a terror attack ahead of a sporting event in Germany’s financial capital after seizing a pipe bomb and bomb-making material from the home of a couple who police said have connections to radical Islamists.

Federal investigators late Thursday canceled the traditional May Day bike race to be held Friday, citing a potential threat to the public. Earlier, a SWAT team arrested a 35-year-old German-Turkish man and his 34-year-old wife in a dawn raid in a town near Frankfurt, prosecutors...