Schoeman clocked the second fastest time of the heats with a 23.41sec behind Australia' Geoff Huegill.
In the final though it was Cesar Cielo of Brazil who had all the firepower. Cielo posted the fastest time in the World this year with his 23.03sec. The Brazilian also moved up to 10th on the all time lists.
Nicolas Santos' 23.33sec puts him 5th in the World and Schoeman's 23.39sec is now 6th best in the World.
Schoeman did however finish as the top Commonwealth swimmer and therefore puts him in a good position to defend his Commonwealth Games crown in Delhi.
Jean Basson had to settle for 6th in the 200m Freestyle, clocking 1:47.43sec.
Basson finished 4th at the Olympic Games in 2008 and set an African and South African record at the World Championships in Rome in 2009 in this event.