Canaan, who scored 30 in his previous game, made 10 of 17 shots, including 6 of 11 on 3-pointers.
Ed Daniel added 18 points and 18 rebounds to get his fourth straight double-double for the Racers (5-1), and Stacy Wilson added 23 points and six assists.
The Bisons (2-3) led 40-39 at halftime and 46-41 with 17:59 left in the second half. Murray State pulled ahead 47-46 with 15:55 left after a layup and 3-pointer by Canaan and never trailed again.
Lipscomb cut a 12-point deficit to four, 80-76, on Carter Sanderson’s 3-pointer with 1:54 left, but the Racers used free throws to rebuild their lead to 10.
Malcolm Smith led Lipscomb with 22 points, Deonte Alexander had 18 and Martin Smith 17.