The Bulldogs (12-1) won their third straight since suffering a setback against Illinois on Dec. 8. This was Gonzaga's first game in nine days.
Pangos went 7-of-10 from 3-point range in delivering a season-best 31 points. Olynyk was 9-of-12 while scoring his 21 points.
Gonzaga overcame a slow start to make 52 percent of its shots from the field and finished off the first half on a 22-11 run that gave the Bulldogs a five-point advantage.
Pierre Jackson had 26 points for Baylor (8-4), which had won three in a row.