They met at the National Movie Awards in London and got into a conversation about art - prompting the comedians to recall an episode of Spaced.
It saw tortured artist character Brian discuss a DIY glitter ball made of tin foil with Pegg's character Tim.
"I see it as a tribute to Christo, the artist," says Brian, Tim responding: "I see it as a waste of Baco, the foil."
A source at the movie awards explained: "Simon, Nick and Mischa were discussing the sculptures around the hall.
“Mischa dropped a few mispronounced names of artists she approves of. So Simon casually mentioned that he loves the work of Baco The Foil."
But the OC actress missed the joke, according to the Daily Star, and asked her assistant to buy some of Baco The Foil's work.