The situation is illustrated below:
The blue dot is an object with mass $m$, moving at constant speed on the equidistant line between the two masses $M$. The graph on the right shows how the potential energy of object $m$ changes as it moves along the line — gradually decreasing until it reaches a minimum at the centre of mass of the masses $M$.
Now so far so good, the problem arises when you examine the energy of mass $m$, in that its potential energy decreases without changing its kinetic energy, as the work done by the masses $M$ cancel each other out, and this seems to be a violation of the law of conservation of energy.
What I've tried
At first I thought the fallacy must lie within the assumption that the masses $M$ are not moving, which they most definitely are. However, after some more thought I realised this does not matter, because as long as the movement of the two masses are symmetrical, they still do zero work on mass $m$ overall. Indeed all it does is complicating the potential energy vs distance graph, yet the potential energy still changes without changing the kinetic energy.