Alexandr Vinokurov from Kazakhstan fought a battle with Columbian Rigoberto Uran to snatch gold at The Mall in a superb men's road cycling event.
Norwegian Alexander Kristoff grabbed third from the rest of the chasing pack.
It was a thrilling end to the race including a crash involving Fabian Cancellara at the head of the leading pack with around 15km of the 250km course to go.
An early breakaway by Philippe Gilbert at Box Hill set the tone for the finale, eventually leading to a large pack up ahead.
Vinokurov, who races with a metal plate in his femur after an accident said afterwards: "Today the dream has come true."
He said: "After so many crashes, returning to cycling was difficult but I was hoping for a good result."
The cyclist added: "Now I have what I wanted and I have the gold medal I can envisage retiring."
Silver medallist Uran admitted he had no strength left by the end to hold off Vinokurov.
The Brits, whose tactic was to stay at the front of the peloton and set up a sprint finish for race favourite Mark Cavendish were simply left with too much ground to make up, as the amount of energy they had expended told in the end.
Cavendish told reporters afterwards: "I can be proud of how the lads did.
"I'm proud of my country as there was incredible support."
Uran said Team GB were let down by the fact no radios were allowed and their tactics revolved around Cavendish.
He said of the crowds: "It was amazing to see so many people out there. Probably we've only had crowds like that during the Tour de France."
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