A subsequent honor would follow: Lewis eventually was credited with the 100 m world record for the 9.92 s he ran in Seoul. Though Ben Johnson's 9.79 s time was never ratified as a world record, the 9.83 s he ran the year before was. However, in the fallout to the steroid scandal, an inquiry was called in Canada wherein Johnson admitted under oath to long-time steroid use. The IAAF subsequently stripped Johnson of his record and gold medal from the World Championships. Lewis was deemed to be the world record holder for his 1988 Olympic performance and declared the 1987 100 m World Champion. The IAAF also declared that Lewis had also, therefore, twice tied the "true" world record (9.93 s) for his 1987 World Championship performance, and again at the 1988 Zürich meet where he defeated Johnson. However, those times were never ratified as records. From January 1, 1990, Lewis was the world record holder in the 100 m. The record did not last long, as fellow American and University of Houston teammate Leroy Burrell ran 9.90 s on June 14, 1991, to break Lewis's mark. Lewis also permanently lost his ranking as number one for the 200 m in 1988 and for the 100 m in 1989. He also lost the top ranking for the long jump in 1990 but was able to regain it in 1992.
The 1991 World Championships are perhaps best remembered for the long jump final, considered by some to have been one of greatest competitions ever in any sport. Lewis was up against his main rival of the last few years, Mike Powell, the silver medalist in the event from the 1988 Olympics and the top-ranked long jumper of 1990. Lewis had at that point not lost a long jump competition in a decade, winning the 65 consecutive meets in which he competed. Powell had been unable to defeat Lewis, despite sometimes putting in jumps near world-record territory, only to see them ruled fouls or, as with other competitors such as Larry Myricks, putting in leaps that Lewis himself had only rarely surpassed, only to see Lewis surpass them on his next or final attempt.
After the heights reached in 1991, Lewis started to lose his dominance in both the sprints and the long jump. Though he anchored a world record 1:19.11 in the rarely run 4 × 200 m relay with the Santa Monica Track Club early in 1992, he failed to qualify for the Olympic team in the 100 m or 200 m. In the latter race, he finished fourth at the Olympic trials behind rising star Michael Johnson who set a personal best of 19.79 s. It was the first time the two had ever met on the track. Lewis did, however, qualify for the long jump, finishing second behind Powell, and was eligible for the 4 × 100 m relay team. At the Games in Barcelona, Lewis jumped 8.67 m (28 ft 5 ⁄4 in) in the first round of the long jump, beating Powell who did a final-round 8.64 m (28 ft 4 in). In the 4 × 100 m relay, Lewis anchored another world record, in 37.40 s, a time which stood for 16 years. He covered the final leg in 8.85 seconds, the fastest officially recorded anchor leg.