The Tonight Show host appeared onstage during the event to present the award for Video of the Year dressed as Lochte, rocking a blue tracksuit and bleached hair.
The impersonation comes after Lochte was accused of fabricating a story about being pulled over and held at gunpoint with three of his teammates on the second weekend of the Summer Games. A security guard at a gas station later admitted that he had drawn a gun on the swimmers and demanded a fine after they urinated behind the building and Lochte pulled down a sign.
“Who had the best video of the year? I can’t tell you that. They’re all so great and so talented, I could never choose,” Fallon joked. “I couldn’t tell you even if there was a gun to my head.”
“I directed all five nominees. What an amazing year I’ve had! I taught Drake the ‘Hotline Bling’ dance. I made Lemonade with Queen Bey,” he continued before Beyonce took home the night’s top award for her “Formation” video.
Spotted in the audience was Phelps who was seen enjoying the segment alongside his fiance Nicole Johnson. In a video posted by MTV on Facebook, Phelps was seen mouthing “oh my god” as Fallon made his way onstage.
On Thursday, Rio de Janeiro police charged the 12-time medalist with the crime of false communication. Lochte will now likely be summoned to Brazil in order to testify.