Trailing by four points in the final minutes, Minnesota's Joe Coleman made a layup with 1:47 left, shaving the Golden Gophers' deficit to two.
Iowa's Roy Devyn Marble threw the ball away on the next possession and Hollins then drained his decisive 3-pointer from along the right sideline.
The Gophers' guard sealed the victory with a steal and a pair of free throws, finishing with 17 points and five rebounds for Minnesota (17-5, 5-4 Big Ten), which won a second straight following a four-game skid.
Andre Hollins provided 15 points, eight assists and six boards in the victory.
Mike Gesell led the Hawkeyes (14-8, 3-6) with 11 points and six rebounds while Zach McCabe and Aaron White each added 10 points in the loss.
Aaron Carter is still in love with Hilary Duff
Ray Liotta sues skin care company over use of likeness