The 31-year-old American won in 1min 58.97 with countryman Conor Dwyer, a world and Olympic relay swim champion, second in 2:00.90 and Hungary's Norbert Szabo third in 2:01.56.
Lochte, who won the 400 IM title on Friday, set the 200 IM world record of 1:54.00 at the 2011 World Championships in Shanghai. He took Olympic 200 IM silver in 2004 and 2012 and bronze in 2008 and is the reigning Olympic 400 IM champion.
"It was a solid meet, especially for where I am right now in my training,' Lochte said. "I'm still training kind of hard and I didn't rest at all for this meet."
Lochte hopes to defend his 400 IM gold and take another shot on the 200 IM crown at the Rio de Janeiro Olympics in August, but he must first qualify in the US team trials.
