Lowry and DeRozan each put in 22 points, while Alan Anderson drained four 3-pointers en route to 18 points off the bench.
The Raptors notched their first win after starting the season with a pair of setbacks.
The Timberwolves, meanwhile, fell to 0-9 in their last nine visits to Toronto. Andrei Kirilenko managed 17 points and Nikola Pekovic added 15 in Minnesota's loss.
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