22 and counting! Michael Phelps beats his old rival Lochte one last time in Rio to collect yet another gold medal... but Ryan can only finish FIFTH 

Michael Phelps has kept Ryan Lochte off the top of the podium one last time, scoring first in the 200m individual medley and nabbing his 22nd Olympic gold medal.

The most decorated Olympian of all time surged ahead of his competitors in the final lap, and made the number four with his fingers as he celebrated with a roaring Rio crowd that has not tired of seeing him win.

Phelps has not lost the event since making his Olympic debut in the 2004 Athens games. 

Lochte, who came in fifth, failed to medal in the event for the first time since he made his Olympic debut with Phelps in the 2004 Athens game.

Michael Phelps has kept Lochte off the top of the podium once again, scoring gold in the 200m individual medley for his fourth straight Olympics

Lochte, who came in fifth, failed to medal in the event for the first time since he made his Olympic debut with Phelps in the 2004 Athens game

The most decorated Olympian of all time surged ahead of his competitors for the win in the final lap of the race 

Phelps now has 22 gold medals, four of which he has racked up during his incredible run in Rio 

Phelps was visibly emotional as he stood on the podium and relished in another incredible win 

The Olympian couldn't hold back tears as he kissed his medal and looked on at the adoring crowd 

Phelps will have once more chance to add to his trophy case on Thursday after qualifying for the Men's 100m butterfly final just 30 minutes after taking gold 

The race began with a massive roar from the massive Team USA contingent who applauded wildly and broke into chants of USA.

Lochte, who has struggled with a groin injury in recent weeks, was ahead at the half-stage but he quickly tired and Japan's Kosuke Hagino took silver and Wang Shun of China grabbed bronze.

The race was billed as the closing chapter of a superstar rivalry that has lit up successive Games since 2004. 

Three times Lochte has come up against Phelps in the final of the men's 200 individual medley and three times he has lost out to his illustrious teammate. 

With Phelps set to retire after Rio 2016, the pair will never meet again on this stage and he was understated in his celebrations and quick to embrace Lochte, who pulled off his swimming hat in disappointment. 

Ever the sportsman, Lochte congratulated his teammate in the pool before Phelps took his victory lap. 

But the heartbreak over his performance was apparent as Lochte was interviewed by the pool.  

‘I just wish I did a little better, I guess I just didn’t have it tonight,' Lochte said sadly after the race. 'I’m kind of bummed, but I gave it my all.’ 

Lochte said he was ready for a break, before adding: 'Who knows, I might be back.'   

The most decorated Olympian of all time already looked set for victory in the race as he sailed through the semifinal on Wednesday night.

Lochte, a 12-time medalist, was close behind Phelps and seemed to have at least a silver medal in the bag in his only individual race in Rio.

Lochte had his eyes on the times as Phelps received a congratulatory hug from Brazil's Thiago Pereira 

Phelps now has just one more race in Rio and also had to race in the semifinal of the Men's 100m butterfly on Thursday

The race was billed as the closing chapter of a superstar rivalry that has lit up successive Games since 2004

Three times Lochte has come up against Phelps in the final of the men's 200 individual medley and three times he has lost out to his illustrious teammate

Lochte won silver in the event in Athens and London, and came home with the bronze in the 2008 games 

With Phelps set to retire after Rio 2016, the pair will never meet again on this stage

Phelps was quick to embrace Lochte, who was visibly disappointed following his surprising fifth place finish 

Lochte pulled off his swimming cap as he looked at the clock, later telling an NBC anchor: 'I gave it my all' 

'I love racing him. I think, for me, he brings out the best in me,' Phelps said of his friendly longtime rival after the race.

Lochte agreed, adding: 'We bring out the best in each other. Any time I get up and race him, it's the best.'

The pair won gold together just days ago in the Men's 4x200m freestyle relay. 

Phelps and Lochte were clearly feeling nostalgic as their final Olympic race together neared. 

Lochte tweeted a picture that showed the two eating pasta dinners side-by-side before their race on Thursday night. 

'One last time!' he wrote, including the hashtags #longjourney and #12years.   

Phelps only has one more event in Rio, and quickly had to jump off the podium and back into the pool to race in the Men's 100m butterfly semifinal. 

He cruised by with a comfortable second in his heat, qualifying for the final tomorrow.  

Boomer, as well as Lochte's fiancee Nicole Johnson and his mother Deborah were spotted once again in the stands waiting to cheer him on.

Phelps' adorable baby son has been the only person able to steal the spotlight from the unstoppable swimmer, who has now racked up four gold medals in Rio.

After the medal ceremony for the 200 butterfly, Phelps broke ranks during the customary walk around the pool and bounded into the stands to plant a tender kiss on Boomer.

Boomer Phelps donned his patriotic ear defenders to watch dad's race at the Olympic Aquatics Stadium in Rio on Thursday

Boomer and his mother Nicole Johnson, Phelps' fiancee, have been fixtures in the stands with Phelps' mother Deborah

Johnson clearly wasn't feeling nervous for her groom-to-be as she cradled Boomer while waiting of the race to begin 

Lochte's girlfriend Kayla Rae Reid could be seen cheering him on while sporting a patriotic star-spangled sweatshirt

Kayla sported Lochte-themed glasses as she cheered on her boyfriend from the stands 

Meanwhile Phelps was preparing to face-off against Lochte for the last time as they shared one final pre-race pasta meal together 

'You're going to bring tears to my eyes now,' the Olympian said when asked about the sweet moment.

'I wanted to be with him more,' he added. 'Being able to share that one moment that I had with him was definitely something very special.'

Meanwhile, Lochte is being cheered on by his new Playboy model girlfriend Kayla Rae Reid, who was spotted in the stands sporting Lochte-themed glasses before watching him race on Thursday.

Reid, 25, has been linked to handsome Olympian since March and the pair have made little secret of their romance on social media. 

In an exclusive interview with Daily Mail Online she revealed the star had talked about retiring but was still on the fence about his participation in Tokyo four years from now.

'He's mentioned this might be his last one but then sometimes he says he thinks he will go again,' she said. 

Although it wasn't Lochte's best night in the pool, it was a golden night for Team USA after an unusually disappointing spread of performances the night before. 

Simone Manuel took home the gold in the Women's 100m freestyle shortly after watching Phelps take home the gold. She is the first African American woman to medal in an individual event.

It is the first gold for the United States in the event since 1984. 

Ryan Murphy also brought home another gold for Team USA, taking the top spot in the Men's 200m backstroke. 

Phelps will have once more chance to add to his trophy case on Thursday, but his rivals are already looking forward to his retirement.   

Shun, who took home the bronze on Thursday night, said he hopes to finally win races once Phelps retires.

'Michael Phelps is my idol. I am honoured to be in this competition with him,' he said. 'I never thought about beating him because he's on a different level.

'Maybe when he retires I hope to become champion. I will work very hard for that.'