Fallon, 39, challenged Ripa, 43, to a high-stakes pop culture trivia quiz. Both TV personalities were forced to wear cone-shaped hats with pointed tops as they sat below massive water balloons.
The stars were then asked various trivia questions and, depending on their answers, either raised closer to the balloons or had their opponent raised closer to the balloons.
The fierce competition heated up as both Ripa and Fallon were just inches away from popping the water balloons on their heads.
Watch who got soaked in the hilarious video above!