Ryan Lochte's endorsement comeback is underway ... he just signed a brand new deal with a throat drop company ... TMZ Sports has learned.
Lochte will team up with the Pine Brothers throat lozenge company, a rep confirms -- to be the face of a campaign that promotes the drops as "Forgiving On Your Throat."
Lochte will appear in print ads and a commercial.
Pine Bros. CEO Rider McDowell says, "We all make mistakes, but they're rarely given front-page scrutiny. He’s a great guy who has done incredible work with charities.