Horton was 16 of 17 from the floor and the Governors (5-7) outshot the Bison 59 percent to 44 percent.
Josh Robinson scored 21, Kahlil Davis added 14, and Austin Peay outscored Lipscomb 46-28 in the paint and outrebounded them 40-27.
Trailing by eight at halftime, Austin Peay led 65-64 with 10:17 left after Zach Glotta's back-to-back 3-pointers. The Governors pulled ahead 83-76 at 3:33 after Horton bracketed an 11-4 run with dunks. Lipscomb closed to 88-84 on Cam Miller's layup with 1:35 left, but Horton iced it with back-to-back dunks.