The nonlinear aeroelastic response of a two-degree-of-freedom airfoil with freeplay and cubic nonlinearities in supersonic flows is investigated. The second-order piston theory is used to analyze a double-wedge airfoil. Then, the fold bifurcation and the amplitude jump phenomenon are detected by the averaging method and the multi-variable Floquet theory. The analytical results are further verified by numerical simulations. Finally, the influence of the freeplay parameters on the aeroelastic response is analyzed in detail.