The Razorbacks (21-9, 10-7 Southeastern Conference) have now won six straight games - their longest streak in regular-season conference play since the 1997-98 season - and eight of nine overall since opening SEC play 2-6.
Bell and Mardracus Wade, who finished with a season-high 18 points, combined to hit 12 of Arkansas' 17 3-pointers - matching the school's mark for most made in an SEC game.
The Razorbacks led by as many as 43 points in the second half.
Marshall Henderson had 15 points to lead the Rebels (17-13, 8-9), who have lost six of seven games, while Jarvis Summers added 11.
Arkansas' win snapped a six-game losing streak to Ole Miss, which had also won four straight in Bud Walton Arena before Wednesday.
The Razorbacks trailed 17-16 early in the game after a Summers' jumper, but Bell - who topped his previous career high of 19 points - followed by spearheading a remarkable 3-point barrage that left Arkansas up 56-34 at halftime.
Bell, who finished 7-of-10 shooting on 3-pointers, scored 14 of the Razorbacks' next 17 points after the Rebels went ahead. The sophomore did so by hitting 4 of 5 3-pointers during the stretch, and his 23 points overall came in just 12 minutes of action.
Arkansas reached the 100-point mark after a free throw by Rickey Scott with 8:18 remaining, after which coach Mike Anderson rested many of his regulars down the stretch.
Led by Bell, Arkansas' bench outscored a shell-shocked Ole Miss 71-26.
Wade, making just his third start of the season on senior night, was 5 of 7 on 3-pointers on his way to a season high in points.
The Razorbacks finished 17 of 30 overall from behind the arc. The team record for most 3s made in a game is 21, set against Troy State in 1996.
Five players scored in double figures for Arkansas, which hasn't reached the NCAA tournament since 2008. Ky Madden finished with 14 points, while Coty Clarke and Alandise Harris added 13 each.
Ole Miss committed 18 turnovers, leading to 27 points for the Razorbacks. Madden, Clarke and Bobby Portis had three steals each for Arkansas.
Bell's first-half shooting stretch helped the Razorbacks turn a one-point deficit into a 14-point lead in a matter of minutes.
Clarke added a 3-pointer during the 23-8 Arkansas run, which put the Razorbacks up 39-25 after a pair of free throws by Portis.
The fun for the crowd of 16,508 in Bud Walton Arena only continued in the second half, with the Razorbacks extending their lead to 63-35 after an inside basket by Michael Qualls.
Bell continued his hot play off the bench in the second half, and his sixth 3-pointer of the game gave Arkansas its largest lead at 90-47 with 12:01 remaining.