Oladipo ended with 23 points for Orlando, which rallied from a 17-point deficit and escaped with the victory when Paul George was short on a potential game-winning jumper at the buzzer.
Nikola Vucevic complemented Oladipo's effort with 19 points and 13 rebounds. Tobias Harris put in 13 points for Orlando, winners of five straight home games.
George finished with 27 points for the Pacers, whose four-game winning streak was ended.
Lance Stephenson supplied 16 points and nine rebounds.