The co-head of a popular lip balm maker bled his company dry to fund his “lavish lifestyle” — and then called the cops on a business partner who complained, according to a new lawsuit.

Jonathan Teller, whose Eos makes an egg-shaped lip balm sold at drugstores, used the company as his personal piggybank — withdrawing $100 million to buy an $11 million Park Avenue apartment and a newly constructed “opulent” house in the Hamptons, according to the Delaware Chancery Court lawsuit.

The Eos co-CEO used company funds for private jet travel, to pay his friends to plan company events and to decorate the office, the lawsuit said. He even used company money to hire a “fortune teller” to advise the company on expansion plans, the lawsuit says.

The funds Teller withdrew “impaired the business’s liquidity and hampered its growth,” the complaint alleges.

What’s more, Teller’s contributions to the operations of the company were not commensurate with the amount of money he took, according to the complaint, which claimed his role was “limited primarily to providing financing (which came mainly from his mother).”

When Eos co-CEO, Sanjiv Mehra tried to enforce some “financial discipline,” Teller moved to boot him from the company by calling a Sept. 26 board meeting. But Mehra and Teller are the only directors, so Mehra refused to vote on the proposal — prompting Teller to call the cops, according to the complaint.

Mehra told The Post he left the building after the company’s general counsel Sarah Slover — who is also named in the complaint — told the officers Mehra had been fired and was trespassing.

“Sarah told them I was trespassing. I said, ‘I own this place,” he said.

An Eos spokesman said the case “has no merit.” “These delusional and false allegations are exactly why Mr. Mehra is no longer with the company. Mr. Mehra has been pursuing personal business interests, including one that is in direct conflict with his role at Eos.”

Mehra, a former Pepsico and Unilever executive, says that he has received no formal notice that he has been fired, but accused Teller of blabbing to their business contacts that he “is no longer associated with the company,” according to the complaint.

The former business partners shared an office together, sitting four feet a part, for 10 years, Mehra told The Post, insisting that he and Teller “never had a disagreement about the business,” except when it came to Teller’s spending.

Founded in 2006, Eos launched with a shaving cream product but hit its stride when it introduced the lip balms several years later, growing to $25 million in revenues in 2011 and reaching a peak in 2015 of $200 million, according to the complaint.

Around that time, Teller’s spending hit its stride as well, the suit alleges, including a Hamptons home that cost as much as $18 million, according to the complaint.

The spending “drained the company’s cash position” which was further depleted after litigation in 2016 when a class action lawsuit was filed against Eos alleging that its lip balms caused “flaking and bleeding.” The lawsuit was settled 15 days after it was filed, but the company also settled 10 related class action lawsuits, according to reports.

Eos employs about 70 people at its New York headquarters and it also has offices in London, Mexico City, Berlin, Shanghai, Stockholm and in New Jersey, where it operates a lab, according to Mehra.