The Olympic swimmer did not confirm or deny whether he is romantically involved with Culpo but told E! Online that he likes spending time with her.
"She is beautiful," he said. "I love hanging out with her.
"She has a great sense of humour, she makes me laugh, she's just a good girl to hang out with."
Lochte added: "She was telling me yesterday that she had never done a pageant until like a year ago, and now she's Miss USA. She's got something."
Lochte recently confessed that he had a crush on Gossip Girl star Blake Lively, shortly before it emerged that she had married Ryan Reynolds. Lochte later congratulated the newlyweds.