Each made a basket and combined to go 9 of 12 from the line while the Colonials were 2 of 7 from the field with two turnovers in the second overtime.
Jones had a 3-point play with 22 seconds left in the first overtime, and Paul Jorgensen's pull-up jumper from the left elbow bounced off the rim with four seconds to go for GW.
Jorgensen's 25-foot 3-pointer that hit off the backboard twice with less than a second left in regulation tied the game at 74.
Marshall Wood hit 7 of 8 3-pointers and had 22 points for the Spiders (11-8, 3-4 Atlantic 10), who went 11 of 19 behind the arc and shot 60 percent.
Kevin Larsen and Patricio Garino had 17 points apiece for the Colonials (15-5, 4-3), who trailed by 13 points in the second half. Tyler Cavanaugh had 16 points and 14 rebounds.