Portland overcame Kobe Bryant's second straight 30-point performance to win their second in a row.
The Trail Blazers overcame a six-point deficit in the third period with a 22-6 charge that gave them the lead for good.
Wallace scored 31 points and Aldridge had 28 points along with 10 rebounds. The Blazers turned the ball over just four times and forced 13 turnovers by the Lakers.
Portland is off to a 5-1 start, the best record in the Western Conference.
Bryant scored 30 points while making 13-of-24 shots from the field. He scored 37 Tuesday in the Lakers' win over Houston.