We provide a cyclic permutation analogue of the ErdH os-Szekeres theorem. In particular, we show that every cyclic permutation of length $(k-1)(ell-1)+2$ has either an increasing cyclic sub-permutation of length $k+1$ or a decreasing cyclic sub-permutation of length $ell+1$, and show that the result is tight. We also characterize all maximum-length cyclic permutations that do not have an increasing cyclic sub-permutation of length $k+1$ or a decreasing cyclic sub-permutation of length $ell+1$.