American Ryan Lochte took the gold, the first for the U.S. so far in this Olympics.
Phelps barely qualified for the event after securing the eighth and final spot in the race by out-touching Laszlo Cseh by .07 seconds.
Phelps has 16 Olympic medals to his name and holds the all-time record for most gold Olympic medals, 14, and the record for most gold medals in individual events with nine.
We shot Lochte a few months back at the airport ... and we might have called him a d-bag once or twice. No hard feelings?