Background: Caffeine is a widely recognized ergogenic aid for enhancing exercise performance. However, its effect on throwing performance has been less studied, yielding contradictory results. Objectives: The main aim of the study was to analyze the potential ergogenic effects of a moderate dose of caffeine (3 mg·kg−1 body mass) on vertical jump performance and throwing distance during a simulated competition in trained discus and hammer throwers. Methods: In a randomized, counterbalanced, and repeated measures design, 14 well-trained throwers (9 hammer throwers and 5 discus throwers; age 24.8 ± 6.3 years old, training 14.9 ± 5.0 h per week, competing experience 10.5 ± 6.1 years) performed a countermovement jump (CMJ) test, a modified throw, and a complete throw after the ingestion of 3 mg·kg⁻¹ body mass of caffeine or a placebo. Each participant performed three maximal-effort valid modified throws of his/her respective event (i.e., hammer or discus throw), plus three maximal-effort valid official throws (up to five tries, respectively, in case any attempt was called as foul). Throwing distance was measured according to World Athletics regulations using a metal tape, while release speed was assessed with a radar device. After the performance measurements, participants completed a form about side effects prevalence. Results: Caffeine, compared to placebo, increased throw distance (3.0 ± 5.1%, p = 0.048) and speed release (5.7 ± 8.7%, p = 0.03) for the complete throw, and distance (3.6 ± 4.4%, p = 0.01) and speed release (4.8 ± 7.4 %, p = 0.01) for the modified throw. Caffeine ingestion did not significantly improve jump height (1.1 ± 4.3%, p = 0.28), although it improved force and power on braking and the propulsive phases of the CMJ (p < 0.05). Caffeine only increased the prevalence of activeness (p < 0.05). Conclusions: An acute moderate dose of caffeine enhanced hammer and discus throw performance in well-trained throwers during a simulated competitive setting, with minimal adverse side effects.