July 23, 2021 | 12:03pm

That’s one dressed-up dip.

While interviewing Megan Thee Stallion in a hot tub for Sports Illustrated, Tyra Banks skipped swimwear, instead puzzling fans with her less-than-waterproof wardrobe choice.

While the first-ever rapper to cover the SI Swimsuit Issue was dressed for the occasion in a colorful cut-out bathing suit, 47-year-old Banks — who in 1997 became the first black woman to cover the bikini bible solo — went with a PatBo bodysuit ($475) so glamorous that many mistook it for a ballgown.

The “America’s Next Top Model” host’s sparkly style made a splash on Twitter, as many felt its formalwear-inspired shoulder pads, bell sleeves and plunging neckline took a minute to soak in.

“Why do Tyra Banks got on that hot and heavy dress in that hot [tub],” one tweeted, while another chimed in with, “Why Tyra look like she’s about to baptize Megan?”

“Tyra Banks sitting in a hot tub fully clothed was not on my July Bingo card,” another quipped.

Others wondered if Banks was inspired by Mariah Carey, who made waves last year when she wore a sequined dress to swim in the Dominican Republic.

It seems you can always bank on Banks to conduct an unconventional interview.  While this marked her first jacuzzi sit-down, she told 26-year-old Megan that she has played basketball while interviewing former President Barack Obama – while wearing a dress, no less – and has “gotten in bed and interviewed Janet Jackson.”

The Houston hot girl cited Banks as inspiration for her Sports Illustrated Swimsuit cover dreams, saying she recalled looking at the supermodel’s history-making 1997 cover.

“I was like, ‘This is gonna be me one day,’” she recalled. “I’m gonna do this. This woman is so gorgeous. I feel like we have the same body type.”

And as for the unconventional interview spot, the rapper was more than happy to take a dip with the fashion fixture.

“We’re in a hot tub with Tyra Banks for Sports Illustrated — girl, we did something right,” quipped Megan, who joins Leyna Bloom, the magazine’s first openly transgender cover star, and tennis pro Naomi Osaka in fronting this year’s three covers.

Since the “Hot Girl Summer” hitmaker even has her own swimwear collection with Fashion Nova, perhaps Banks should have consulted her for a more waterproof hot tub ensemble.