At the 2016 Olympics, Dwyer started off the program coming 4th in the 400 freestyle missing out in a medal despite qualifying fastest from the heats. Dwyer was again part of the US 4 × 200 m freestyle team that won gold, leading off the relay in the final to teammates Townley Haas, Ryan Lochte and Michael Phelps. Dwyer also won a bronze medal in the 200 m freestyle individual event after a late surge, behind Sun Yang and Chad le Clos.