One-hitter quitter: Douglas Lima scores stunning KO of Michael 'Venom' Page at Bellator 221 (VIDEO)

Two-time Bellator welterweight champion Douglas Lima handed flashy British striker Michael 'Venom' Page the first loss of his career in spectacular style with a one-punch knockout at Bellator 221 in Rosemont, Illinois, USA.

The pair met in a five-round battle in the semi-finals of the $1 million Bellator Welterweight World Grand Prix tournament, with a seven-figure paycheck and the Bellator welterweight world title awaiting the tournament's overall winner.

Two-time champion Lima was the betting favorite heading into the contest against unbeaten Page, but the Brit started the better of the pair as he quickly settled into his rhythm and began to find his range with his strikes.

© Bellator MMA

And, ironically, it was Page's best punch of the fight that eventually led to his downfall.

After connecting with a well-placed right hand that appeared to briefly scramble Lima's senses, Page moved in, looking for the finish.

But Lima wasn't as badly hurt as Page believed, and the Brazilian surprised the Englishman by sweeping Page's left leg out from underneath him with a powerful low leg kick.

© Bellator MMA

And, as 'MVP' looked to immediately scramble back to his feet, Lima stepped in and connected with a huge right uppercut that knocked the Brit out cold for a highlight-reel first-round KO.

It was a stunning knockout that snapped the Brit's 14-fight undefeated streak and handed him the first defeat of his mixed martial arts career.

And it propelled the modest Lima into the final of the Grand Prix tournament, where he will win the winner of the second semi-final between fellow countryman Neiman Gracie and reigning Bellator welterweight world champion, Rory MacDonald, later this year.

There was a dramatic finish in the night's main event, too, as reigning Bellator lightweight champion Michael Chandler was stopped in just 61 seconds by featherweight champ Patricio 'Pitbull' Freire.