Favors' two foul shots with 41 seconds remaining put the Jazz ahead for good at 104-102 and he added another with 4 seconds left to seal the victory.
Favors finished with seven rebounds and two blocks while Al Jefferson pumped in 28 points for Utah.
The Nuggets, meanwhile, saw their four-game winning streak snapped despite 21 points and nine boards from Kenneth Faried.
Ty Lawson supplied 16 points and nine assists for Denver.
NBC reportedly holds celebs hostage to Jimmy Fallon's show
Aaron Carter is still in love with Hilary Duff