In the clip, you see Branson take off his shirt as he readies to go head-to-head with the UFC legend.
After being presented with an award, 29-year-old McGregor can’t help but laugh as the Virgin Group’s billionaire founder approaches him.
The chiseled Irishman applauds the 67-year-old, who is not in bad shape himself.
They then face off with a fighting stance before exchanging a light-hearted embrace.
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The Irishman met with Branson on Wednesday at the Pendulum Summit in Dublin's Convention Centre.
The hilarious incident happened after McGregor was presented with the inaugural Pendulum Summit Lifetime Achievement Award.
Richard Branson is the founder of Virgin Media Group and is ranked 7th among the richest billionaires in Britain with a net worth of £5.1billion.
The businessman has been featured heavily in the news recently after one of his companies, Virgin Trains, entered a censorship war with The Daily Mail.
The rail group ceased sales of the paper in November after raising concerns about the paper's editorial stance on issues such as immigration, LGBT rights and unemployment.
The Notorious has not been a stranger to the spotlight either, after a recent verbal war rekindled between him and boxing great Floyd Mayweather.