The Commander-in-chief made the announcement on Friday ... revealing the two superstar athletes are among 17 names to receive the prestigious award later this month.
The White House said these individuals reflect what America embodies -- hard work, perseverance, and faith.
Biles -- on top of being the greatest gymnast of all time -- has been an outspoken advocate for mental health and sexual assault victims since becoming a household name.
Rapinoe -- an Olympic gold medalist and two-time World Cup winner -- has led the charge for the U.S. Women's National Team's fight for equal pay ... and is at the forefront of LGBTQ+ rights and racial justice.
Other notable names chosen are DenzelWashington, former Congresswoman Gabby Giffords, John McCain (posthumous), and Apple co-founder Steve Jobs (posthumous).
Of course, #46 knows a thing or two about the honor ... in fact, President Obama surprised his VP with the Presidential Medal for his years of public service.
The White House prides itself on giving the award to individuals who've excelled in public or private endeavors ... but also played a role in cultivating a better country for all.
Other athletes who have received the honor include Jerry West, Tiger Woods, Lou Holtz and Roger Staubach.
The recipients will be presented with their awards at the White House on July 7.