The latest incidents happened on May 31 when two separate people reported seeing UFOs hovering around the Hollycroft area.
One man saw a yellow light crossing the sky at 1.35am and the other man saw a blue light in the sky that hovered before disappearing at 9.20pm.
The witness to the first incident said: "I saw a bright light, about the size of a usual plane, above the Hollycroft area, but there was no sound.
"There may have been a red tinge to the light, but it was mostly yellow. No lights were flashing, so I've ruled out planes, and it was also travelling at a steady speed, to the east of my position.
"It mostly went in a straight line, but wavered every now and then. I watched it until it went behind some trees outside of my view."
The second witness stated: "I was sitting in Marcian Close, Hinckley, when I spotted a blue light travelling at speed. It moved across the sky very quickly at first, and then hovered from side to side before disappearing - less than 20 minutes later, the same, or similar light, was again spotted by my partner, who alerted me. I tried to take pictures on my iPad - the light appeared to be above the Hollycroft estate area."
Hinckley Aerial Phenomena Investigations and Leicestershire UFO Investigation Network volunteer Graham Hall said they are appealing for more witnesses to come forward to help establish what the objects may have been.
He said: "What's interesting is that these occurred at separate times. It seems likely that this could be a Chinese lantern as it on a weekend and people may had a party or something like that. But we won't know for sure until we investigate further.
"But a blue light on its own in the sky is actually illegal and very rare - lights on an aircraft should have a white flashing light or some other colour.
"We need to investigate further to research the possibilities of what it could be."
Earlier in May a red light was seen pulsating in the sky above the Hollycroft area. Since then a second person has come forward to say they also saw the "an extremely bright red pulsating light hovering low in the sky" above the leisure centre car park on May 6.
Graham said: "At the rear of the main red light the witness said there appeared to be a 'tail' of some kind that was apparently being illuminated by the main light.
"There were no flashing lights seen, or any other colours as on a normal aircraft."
The witness said the object completely silent, and very low in the sky - which matches what the other witness reported.
Graham added: "After a few seconds, the light began to move off in the direction of St Mary's Church, appearing to the witness to 'swim' through the night sky, giving the impression of a 'jellyfish' as it moves through water, varying its appearance as it went, before moving very fast and then finally disappearing over rooftops.
"The witness said the light did indeed appear 'strange' and 'unusual' in the night sky, and stood out like a sore thumb."