Tsagkarakis qualified for the second time in the 50 m freestyle, as a 26-year-old, at the 2008 Summer Olympics in Beijing. He posted a FINA B-standard entry time of 22.39 from the Akropolis Grand Prix in Athens. He challenged seven other swimmers in heat ten, including four-time Olympian José Meolans of Argentina and 19-year-old Yoris Grandjean of Belgium. He raced again to second place by 0.18 of a second behind Slovenia's Jernej Godec in 22.39, matching his entry time in the process. Tsagkarakis failed to advance into the semifinals, as he placed twenty-sixth overall in the preliminaries.