The Lakers trailed by four heading into the final minute, but Jordan Hill scored on a layup and then hit two free throws with 19 seconds remaining to forge a 103-103 tie.
Utah's Gordon Hayward tried to score the winning basket on a driving layup, but he misfired as time was running down. Favors stormed down the lane to grab the miss and his follow dunk gave the Jazz their ninth win of the season.
Jodie Meets attempted a buzzer-beating 3-pointer for the Lakers, but did not threaten the basket.
Los Angeles lost its fourth in a row and has fallen 3 ½ games out of a playoff position in the Western Conference.
Hayward scored 25 points and Favors had 18 points and 14 rebounds. Nick Young paced the Lakers with 21 points while Chris Kaman added 19.