This is hilarious!

Jimmy Fallon spoofed Ryan Lochte while presenting the Video of the Year award at last night's VMAs, and it's pretty much the best thing ever. The TV host sported the swimmer's signature blue hair and athletic gear as he tied jokes about the Olympian's Rio lying scandal into the list of nominees.

"Is it too late now to say sorry? That’s my jam, that’s my jam. It should be my jam. I wrote that song. I did it. I wrote it. I produced it. I directed the video. I did. It happened. In fact, I directed all five nominees for Video of the Year,” he began, in reference to Bieber's nominated hit.

"What an amazing year I’ve had, it’s true. I’m the one who gave Adele the flip phone, hello? … I need to Hotline Bling that thing," he continued.

"I had a 30-way with Kanye West. What a year I’ve had. I made Lemonade with Queen Bey. I’m Reezy with the good hair, come on! Anyway, who had the best video of the year, I can’t tell you that. They’re all so great and so talented, I couldn’t choose. I couldn’t tell you even if there was a gun to my head. Which, there isn’t, but I couldn’t choose — I still couldn’t choose," he concluded.

Ryan better be prepared to be the butt of the joke for a good while!

In other news, his teammate Michael Phelps broke his silence on the scandal during an interview on Today. "Ryan and I have been teammates forever and it's always hard to see a friend and a competitor going through a hard time like this – I know what it feels like. I've been through it before. Hopefully he can come out of this a better person. I've reached out to him a couple times and I think he understands a lot. He will be able to grow from this," he said.