Texas State was held to just 79 total yards in the first half and trailed 15-0 after a safety early in the third quarter. Then Lowe capped a 78-yard drive with a 15-yard run to spark the comeback.
The Bobcats (4-3, 2-1 Sun Belt) pulled within 18-14 after Jones hit Terrence Franks with a 40-yard TD pass in the fourth quarter.
Texas State's defense stiffened in the second half, forcing punts on three ULM drives, then Lowe scored the go-ahead TD on a 21-yard run with 3:29 to play.
The Warhawks (3-4, 2-2) had a chance late, but turned the ball over on downs.