Join Date: Jan 2006
Location: In Central IN
Bikes: RANS V3, RANS V-Rex, RANS Screamer
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Yes it could be the bearings.
As suggested, remove the wheel and spin it and also try holding the wheel and spinning the axle with your fingers to check for play, gritty feeling, resistance, etc.
How many miles on the bearings? Have they been overhauled/adjusted? You may need to take them apart to check the condition of the BB's, grease, bearing surfaces.
RANS V3 - Ti, RANS V-Rex - cromo, RANS Screamer - cromo