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KIIS FM's Joshua Fox confronted the actor outside Clovelly Hotel in Sydney and asked for a tupperware container of his bathwater to give radio presenter Jackie O.
Mr Elordi's bathwater has been a hot topic of conversation after his performance in the provocative 2023 thriller comedy film Saltburn.
The actor refused the request and asked Mr Fox to stop filming the interaction, according to an audio recording of the run-in played on Kyle and Jackie O's February 5 show.
"Can you not man, please?" Mr Elordi was heard asking.
Mr Fox said he agreed to stop recording but refused to delete the file when asked.
The radio employee alleged that Mr Elordi and his "two big footy lad" friends intimidated him.
"Jacob just kinds of flips and his hands, he pushes me, and his hands are on my throat," Mr Fox said.
"So then one of his boys pulls him off me, because they're aware that actually, this is going to become a thing," he said.
"And then I quickly walk back to the venue, bear in mind there's no one on the street."
NSW Police said an investigation had been launched into the alleged assault and inquiries were continuing.
"About 3.30pm on Saturday 3 February 2024, a 32-year-old man was allegedly assaulted by a 26-year-old man. The man did not sustain any injuries," police said.