Michael Phelps is pictured at USA Indianapolis Swimming Grand Prix, March 6, 2011. [Photo/Agencies]

INDIANAPOLIS - Michael Phelps notched two more victories, incuding a 200-meter individual medley triumph over Ryan Lochte, to take his total to five at USA Swimming's Indianapolis Grand Prix.

The 14-time Olympic gold medalist who saw Lochte dominate men's swimming last year, on Saturday showed he is back on track for July's World Championsihps in Shanghai and the 2012 London Olympics, but said he has plenty of work to do.

Phelps won the 200-meter individual medley in 1:56.88, and the 100-meter freestyle in 48.89 at the Indiana University Natatorium.

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"In my eyes, it just feels good to be able to race and race at a good speed," said Phelps, who didn't win either event in his only other meet this year two months ago in Austin, Texas.

The most highly anticipated race in Indianapolis was the 200 individual medley, pitting Phelps, the two-time defending Olympic gold medalist in the event, against his chief rival, world-record holder Ryan Lochte.

Phelps led Lochte by more than eight-tenths of a second at the midway point, extended the margin to nearly one seconds at the third turn and wound up beating the fatigued Lochte by more than two full seconds.

Phelps' time also supplanted Lochte's previous best as the fastest time in the world this season.

Lochte, who finished in 1:59.19, had beaten Phelps in the event at the Austin Grand Prix in January.

"He's back, there's no doubt about it," said Lochte, who was the world's most dominant swimmer in 2010. "I don't think he's ever not there, no matter what he says. I feel like he can step up and race any time."

Ryan Lochte is pictured at USA Indianapolis Swimming Grand Prix, March 6, 2011. [Photo/Agencies]

In the 100 freestyle, Phelps came back from third place with a strong finish to win the gold and set another world-best time this year. Matthew Grevers finished second in 50.01 and Olympic gold medalist Jason Lezak was third in 50.08.

"The last 50 just felt incredible," Phelps said. "I felt like I really was able to build a lot of momentum coming off the wall. You know, I'm never really satisfied, but I am happy to put up the five fastest times in the world here."

Phelps also won the 200 butterfly on Friday night and the 200 freestyle and 100 butterfly on Thursday.