After the Pacers pulled ahead by as many as 17 points in the third quarter, the Lakers battled back with a 12-0 run to close within five, heading into the final period.
Kobe Bryant, in his final career appearance in Indiana, exploded with a trio of three-pointers late in the fourth quarter to give the Lakers an 84-80 lead with 1:26 left on the clock.
Pacers All-Star starter Paul George, who grew up idolizing Bryant, responded with six straight points to push his team up by two with 38.3 seconds left.
Bryant wasn't able to convert again. Forward Julius Randle hit a three-pointer at the buzzer to end the scoring for the night, finishing with 15 points and 19 rebounds.
Both teams struggled to score. The Pacers hit 39.7% from the field, 14.8% from three-point range (4-27) and 69.7% from the line (23-33). The Lakers hit 31.2%, 22.9% (8-35) and 80.8% (21-26), respectively.
Bryant led the Lakers with 19 points. D'Angelo Russell scored 16 points, Lou Williams 13 and Jordan Clarkson 10. Bryant missed 19 of 25 shots, Russell 12 of 18, Williams eight of 11 and Clarkson eight of 12.
Former Pacers center Roy Hibbert sat out for the Lakers with an ankle sprain. Robert Sacre started in his place, but spent much of the first half in foul trouble -- as did fellow starter Clarkson. Both Brandon Bass and Clarkson fouled out in the final minute of the game.
The Lakers (11-43) play next on Wednesday, visiting the Cleveland Cavaliers (37-14). The Pacers (28-24) host the Charlotte Hornets (26-26), also on Wednesday.