Kennesaw State led by eight points in the first half but Lipscomb rallied and took the lead for good 55-53 after a 3-pointer by Martin Smith with 9:21 to play. The Owls trimmed the deficit to one point twice, the last time 72-71 after a 3-pointer by Delbert Love with 46 seconds to go. Malcolm Smith followed with his two free throws with 10 seconds remaining.
Martin Smith added 11 points, and Justin Glenn and Zavion Williams each added 10 for the Bisons (13-17, 8-10 Atlantic Sun Conference), who snapped a four-game losing streak.
The loss was the 19th in a row for Kennesaw State (3-28, 0-18), which has lost 23 straight conference games.
Spencer Dixon scored 21 points and Love added 13 for the Owls.