The reporter is currently in Australia to report on the games, and for Wednesday's (April 11) show, he was tasked with interviewing Sarah Vasey, Adam Peaty, Siobhan-Marie O'Connor, Ben Proud and James Guy.
Assuming that it wasn't very deep, Mike stepped into the pool in front of them.
"I'm going to have to be careful because I've got a sound pack on," he said, seconds before plunging into the water.
Having failed to spot the step down into a deeper section, Mike was soon neck-deep in the water.
"I thought it was a jacuzzi or a kids' pool; I didn't realise there was a step," he admitted.
The presenter did his best to soldier on and complete the chat, but it was too late for swimmers Sarah and Adam, who couldn't stop laughing at Mike's mishap.
When the inevitable technical problems then started, the interview was cut off.
Charlie Stayt, speaking from the safety of the show's Manchester studios, told viewers: "If you're just joining us, Mike is carrying on talking but we can't hear him because a moment ago he fell in the water."