More jokes from President Obama ... this time, POTUS was busting out the zingers with the Team USA Olympians ... crackin' on everything from his gymnastics skills to "Phelps face."
It all went down at the White House ... where Obama and gold medal gym superstar Simone Biles riffed for a little while before B.O. turned his attention to Michael Phelps and the famous pre-race face that became an Internet meme.
One important note ... Ryan Lochte was NOT at the ceremony -- because he WASN'T ALLOWED per the punishment he received over that whole drunken bathroom situation in Rio.
Too bad -- he missed a good time.