HSU had a late chance to tie the game but an EZ Garcia 3-pointer was well off the mark with five seconds to play.
TLU scored the final seven points of the first half and took a 31-25 lead at halftime. The Cowboys cut the deficit in the second to one on a couple of occasions but never took the lead in the second half.
HSU trailed 60-53 with 2:17 to play and Eric Taylor and Charles Sams hit a pair of 3-pointers around two Brendan Holderread free throws for TLU.
TLU hit a pair of free throws to take a 64-59 lead and then John Derr stole a pass and was fouled on a 3-pointer but made just 1-of-3 and HSU added two free throws when TLU was called for a technical with six players on the court to make it 64-62.
Brandon Potts added a free throw with 12.5 seconds to play and HSU ran a play that was cutoff and Garcia ended up firing a 3-pointer with five seconds left with a man in his face that did not catch rim.
HSU shot 42 percent in the game, but went just 14-of-24 at the free throw line and the Bulldogs won the battle of the boards 65-62.
Derr led the Cowboys with 20 points and Eric Taylor had 14. Andy Spears finished the game with 11 points.
Justin Lindsey paced four Bulldogs in double figures with 15 points. Garrett Wilkins and Brendan Holderread added 11 points each.
The game was the final meeting between the two teams as Texas Lutheran is leaving the ASC after this season. TLU concludes its season with a record of 8-17 overall and 6-13 in league play. HSU fell to 14-10 overall and 11-7 in the ASC.
HSU will close out the regular-season at Schreiner at 3 p.m. on Saturday. The Cowboys are locked in as the No. 3 seed in the ASC Tournament, which will be held at Texas-Dallas next weekend in Richardson.