The attempted abduction happened at about 08:00 GMT while the boy was walking to school along North Road, Bourne.
The offender is described as 6ft and white, with short spiked brown hair and tattoo on his neck.
Officers are warning the public to not let children go out alone.
Det Insp Pete Grayson, from Lincolnshire Police, said the boy was very frightened by the incident.
He urged anyone with information to contact the force.
Police are hunting a man who tried to force an 11-year-old boy into the back of a black van in a Lincolnshire market town.