Jimmy Fallon has always been known for pushing boundaries — and his appearance at the 2016 MTV VMAs was no exception. Fallon dressed up as Ryan Lochte, complete with bleached-blonde hair and an Olympic tracksuit.While many audience members laughed at Fallon's getup, there was one person who really enjoyed Fallon's costume. Michael Phelps, who presented at the awards show earlier in the evening, had the best reaction to Fallon-as-Lochte. Phelps broke into laughter and couldn't resist taking a photo when he saw the look.Fallon's joke was about more than the costume, too. The comedian joked that he couldn't choose a VMA winner if there was a gun to his head — a reference to Lochte's "fabricated" story about an alleged robbery in Rio.Fallon was onstage to present Beyoncé with the Video of the Year award for "Formation." But his joke about the disgraced Olympian was definitely one of the show's highlights in its own right.