The Lakers had a three-game winning streak snapped, a run of success that had followed 10 losses in 12 contests.
Los Angeles led by as many as 11 points in the fourth quarter and still had a seven-point advantage midway through the period.
Beasley then started the late Phoenix surge and he eventually put the Suns in front at 84-82 by making a jumper with 2:32 remaining.
Kobe Bryant scored the last of the Lakers' points with 1:07 to go that again tied the game, but Beasley's layup with 43 seconds left gave Phoenix the lead for good. Luis Scola and Jared Dudley finished off the game with a pair of free throws each.
Beasley made 12-of-20 shots and scored 27 points in helping the Suns end a two-game skid. Scola and Marcin Gortat added 14 points each.
Bryant scored 17 points with nine assists and Metta World Peace had 15 points for the Lakers.
2014: The Year in Music [PHOTOS]