The former Baywatch beauty was spotted flirting and sharing passionate kisses with the American gold-medallist at Bootsy Bellows nightclub.
Lochte, who has previously called Electra his dream girl, was reportedly introduced to the model/actress earlier in the day while filming his upcoming reality Tv show, What Would Ryan Lochte Do?
A source tells EOnline.com, "They were in a booth together and he had his arm around her and they were kissing on the lips. At one point, they were standing up and kissing and everyone saw them.
"They are both single and having fun and it was very flirty. She was his first crush and so I think that's why they were introduced. They hit it off straight away and decided to hang out that night."
Lochte later continued the flirtation via Twitter.com by posting a photo of himself with Electra, calling her "beautiful" and "my biggest crush since childhood".
Electra, who was recently linked to music mogul Simon Cowell, then tweeted, "So nice to meet u (sic)."