The event won't be shown on live TV in American, but you can watch a free live stream online by clicking here.
Great Britain's Michael Jamieson led the way in the semifinals on Tuesday with a new British record time of 2:08.20, followed by Hungary's Daniel Gyurta with a time of 2:08.32, and Britain's Andrew Willis with an English record of 2:08.47.
Japan's Kosuke Kitajima also booked a spot in the finals finishing fifth with a time of 2:09.03. Kitajima won the 100 meter and 200 meter breaststroke at the Athens Games in 2004 and Beijing four years later.
He is battling Michael Phelps to become the first male swimmer to win the same individual event at three Olympics. This will be Kitajima's final opportunity after failing to make the podium in the 100 meter race.
However, Kitajima will face stiff competition. Hungary's Gyurta, the world champion in 2009 and 2011, swam the fastest time in the preliminary heats and is a former silver medalist at this event.
With a partisan crowd, Great Britain's Jamieson is a favorite to win gold after swimming an impressive race in his semifinal. He and his compatriot, Willis will have the support of the host nation in what is expected to be an electric atmosphere.
"It makes it a lot easier being in front of this crowd with them nudging me forward in the last 50," Jamieson told the BBC.
"I'm hoping they can make even more noise on Wednesday night and hopefully myself and Andrew can shave some more time off."
The home crowd favorites will face an experienced field full of Olympic and World champions in what will be a tight race.