Michael Phelps beat Ryan Lochte in the 200-metre individual medley in the latest meeting between the two long-time rivals.

Phelps won the finals of the 200 IM in the U.S. Olympic Trials in Omaha, posting a time of one minute, 55.91 seconds, with Lochte finishing a close second (1:56.22).

In the process, both men qualified for the Olympics in the event, setting up another classic showdown in August in Rio de Janeiro.

Lochte had finished first in Thursday's 200 IM semi-finals, with Phelps second.

But Friday, Phelps got out to a strong start and led all three splits.

Lochte's breaststroke looked surprisingly strong, especially considering he has been battling a groin injury that made swimming that stroke painful.

Phelps held a 0.19-second lead on Lochte heading into the freestyle segment, and while they were virtually neck and neck at the midway point, Phelps steadily pulled ahead in the final metres.

"Every time I race against him, win or lose, we have a great friendship going," Lochte told NBC afterward.

Meanwhile, Phelps did not have time to talk, as he prepared for his swim in the semi-finals of the 50-metre fly.

Both Phelps and Lochte were well off the latter's world-record time (1:54.00) in the event, set in 2011.

Although he finished second, the finish qualified Lochte for his first individual event in the upcoming Olympics.

He was already slated to go as a member of the 200-metre freestyle relay.