Coca-Cola. Look on Youtube for a guy who derusts the chrome bumpers on his car with it.
Coke contains mild phosphoric acid*, and is only a diluted version of the active ingredient in Kurust and Jenolite. It converts iron oxide (rust) to ferric phosphate, which is inert. Paint it on, leave for a bit, wash it off and then apply oil or wax to inhibit further rust. If your rusty bits now look black, it's worked. If the pedals are chrome plated steel, then bear in mind that by the time you can see rust, the chrome layer has already been pinholed, and further rusting is inevitable, so you will need to keep on top of it.
*It's what gives the drink its tangy flavour, and is the reason why I never drink it.