The two men, who were wearing anti-Lochte T-shirts, were tackled by security guards on the dancefloor as the US swimmer and his dance partner Cheryl Burke received their scores.
They had just performed a foxtrot routine to the song Call Me Irresponsible.
The two men shouted “liar” and several women also yelled anti-Lochte chants from the stands.
The 12-time Olympic medallist watched on as the two men were led out of the ABC series’ building in Los Angeles.
The incident comes less than a week after Lochte was handed a 10-month ban for falsely claiming he was robbed at gunpoint during the Rio Olympics.
The two protesters were arrested on suspicion of criminal trespassing, a Los Angeles police spokesperson said.
Following the incident, which happened off-screen, Dancing With The Stars host Tom Bergeron told viewers the live show had been interrupted by “a little incident”.
He also thanked the security team “for staying in shape”.
Lochte told the host: “(There are) so many feelings are going through my head right now.”
He added that he was “a little hurt but I came out here and I wanted to do something I was completely uncomfortable with, and I did”.
Dancing With The Stars judge Carrie Ann Inaba said the protest was “a bit of a scary moment”.
Lochte, 32, lost four major sponsors after admitting he “over-exaggerated” his allegation that he and three Team USA teammates – Jack Conger, Gunnar Bentz and Jimmy Feigen – were robbed in Rio.
Brazilian authorities said the group destroyed a bathroom at a petrol station and urinated in public.
Lochte blamed his “immature behaviour” for the incident and made an apology on Brazil’s largest broadcaster.
He was later charged with making a false statement to police.
News Source SkyNews