Michael Phelps looked excited when Fallon, who was among presenters, walked onto the stage with a platinum blonde wig and tracksuit to poke fun at Lochte's robbery scandal.
Donning a platinum blonde wig and a team USA tracksuit, Fallon came out on the stage and told the crowd, "Is it too late now to say 'Sorry'? That's my jam. It should be my jam. I wrote that song. I wrote it. I produced it. I directed all five nominees for video of the year."
Jimmy Fallon just threw so much shade at Ryan Lochte Ã�ï¿½Ã�Â°Ã�Â¯Ã�Â¿Ã�Â½Ã�Â¯Ã�Â¿Ã�Â½Ã�Â¯Ã�Â¿Ã�Â½Ã�ï¿½Ã�Â°Ã�Â¯Ã�Â¿Ã�Â½Ã�Â¯Ã�Â¿Ã�Â½Ã�Â¯Ã�Â¿Ã�Â½Ã�ï¿½Ã�Â°Ã�Â¯Ã�Â¿Ã�Â½Ã�Â¯Ã�Â¿Ã�Â½Ã�Â¯Ã�Â¿Ã�Â½ #VMAs pic.twitter.com/mDjx86qLWX— 1075 The River (@1075theriver) 29 August 2016
"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... I'm Reezy with the good hair!" he continued before making fun of Lochte's claim that he was robbed at gunpoint during his stay in Rio for the Olympics earlier this month.
"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," said Fallon. "I couldn't tell you even if there was a gun to my head... which there isn't."
Fallon's impersonation of Lochte clearly entertained those packing NYC's Madison Square Garden, including the athlete's teammate Michael Phelps who was seen grinning as he immediately took out his phone to record the whole thing.
After security camera footage proved that his robbery claim was false, Lochte admitted that he "over-exaggerated" his story. "I'm taking full responsibility for it," he said in a recent interview with Matt Lauer for NBC. "I over-exaggerated that story. If I'd never done that, we wouldn't be in this mess ... It was my immature behavior."
"It's how you want to make it look like," he added. "Whether you call it a robbery, whether you call it extortion, or us paying just for the damages, like, we don't know. All we know is that there was a gun pointed in our direction, and we were demanded to give money."