Wallace notched 20 points and hauled in 11 rebounds while Boris Diaw hit a trio of 3-pointers en route to 16 points for Charlotte, which shot 51.2 percent from the field in winning for the third time in five games.
Nazr Mohammed added 16 points off the bench for the victors.
The Lakers lost their second straight contest following a four-game winning streak.
Kobe Bryant scored 20 points and Pau Gasol had 17 points and 10 boards for Los Angeles, which shot a paltry 2-for-16 from 3-point territory.
Notable deaths of 2014 [PHOTOS]
Arizona Cardinals player formally charged