Michael Lyons scored a game-high 30 points and provided five assists for the the Falcons (17-12, 8-8 MWC).
Tony Snell and Kendall Williams each finished with 21 points but it wasn't enough for the Mountain West Conference champion Lobos (26-5, 13-3), whose six-game winning streak was snapped.
Snell's production included seven 3-pointers and Williams added 10 assists, while Alex Kirk contributed a double-double of 16 and 11 rebounds.
Wisconsin business offering 'therapeutic cuddling' forced to close
Campus cop fatally shoots Texas student during traffic stop