Gov. Kathy Hochul faces a major dilemma following the revelation that her No. 2 is under federal investigation in an alleged campaign finance scam, political experts said Monday.

Veteran Democratic strategist Hank Sheinkopf said that if embattled Lt. Gov. Brian Benjamin were to be charged, Hochul would have “a real problem.”

“The Democrats need to sit him down and get the truth,” he said.

“The combination of increased crime throughout the state and a lieutenant governor who could be indicted could be lethal.”

Another Democratic consultant, who spoke on condition of anonymity, said Hochul “is in a really hard place right now.”

“You risk alienating the black community if you ditch Brian Benjamin before there’s even an allegation of wrongdoing against him — but at the same time you don’t know how much this could sprawl.”

Former Gov. David Paterson, who served as chairman of the state Democratic Party, also called the situation a “cause for concern.”

“The thing is you just don’t know. The feds don’t start looking at people unless there’s a reason,” he said.

“People in Harlem I talk to are shocked, very surprised.”

Paterson also said, “At this point, Hochul is loyal to him.”

But he noted that circumstances could change quickly, adding, “I guess we’ll have to see what happens.”

Meanwhile, Benjamin abruptly canceled a meeting with the Black, Puerto Rican, Hispanic & Asian Legislative Caucus at 10:30 a.m. in Albany to review the status of the state budget that’s due on Thursday.

Benjamin unexpectedly backed out at 9:40 a.m., state Sen. Leroy Comrie (D-Queens) said.

Comrie said he didn’t believe the move was tied to the disclosure of the federal probe.

Benjamin is scheduled to co-host a Wednesday fundraiser in Albany for Assemblywoman Jaime Williams (D-Brooklyn) with Assembly Speaker Carl Heastie (D-The Bronx).

But neither he nor Williams returned requests for comment on Monday and it’s unclear if he still plans to attend.

On Sunday, the New York Times reported that Manhattan federal prosecutors issued several grand jury subpoenas late last year that demanded records from Benjamin’s campaign committee, several paid staffers and consulting firms.

The probe is reportedly focused on whether Benjamin was allegedly involved in what federal authorities say was a straw-donor scheme to funnel illegal contributions to his failed campaign for city comptroller last year.

Harlem landlord and lawyer Gerald Migdol was indicted in late November on charges of conspiracy and wire fraud.

Last week, Benjamin admitted to The Post that he was interviewed by the feds earlier this year but said that neither he nor Hochul was a target of the probe.

On Sunday, he claimed those remarks were “off the record.”

Hochul and Benjamin, both Democrats, took office last year after former Gov. Andrew Cuomo resigned amid a sexual harassment scandal and they’re planning to seek full, four-year terms in November’s elections.

Hochul’s campaign declined to comment.