Cleveland State led 54-51 with 2:27 remaining before Peters made three free throws and Vashil Fernandez scored to give the Crusaders a 56-54 lead. Andre Yates split a pair of free throws to pull Cleveland State within 56-55.
Peters threw an inbounds strike past midcourt to Tevonn Walker, who made a layup and was fouled with 9.8 seconds left. Walker missed the free throw, making it 58-55 and giving Cleveland State another shot.
Cleveland State (9-9, 3-1 Horizon League) couldn't grab the rebound on Lewis' intentionally missed third shot, sealing it for Valparaiso (16-3, 3-1).