Cabedo, 23, died after a collision with a vehicle on a public highway north of Valencia, team spokesman Jesus Aizkorbe confirmed.
The Spanish rider, who turned professional last year and most recently competed in last week's Tour of Britain, was killed only a few kilometres from his home town of Onda.
"Victor Cabedo has passed away after being knocked down," team physio Josu Larrazabal wrote on his Twitter feed.
"A big hug for his family. Rest in peace," he added.
Team spokesman Jesus Aizkorbe said Cabedo was "a professional rider with a lot of promise who was killed by means that could have been avoided".