Despite his mistake on the final hole, Lickliter finished with a bogey-free 3-under-par 69. He made a remarkable par at the final hole to claim his second PGA Tour victory.
Lickliter led Campbell by a stroke when he knocked his last tee shot into the water. Hitting third in the group, Campbell followed Lickliter into the lake en route to a bogey and his second career runner-up finish.
It was another disappointing ending for Campbell, who was second at last year's season-ending Southern Farm Bureau Classic after starting the final round with a three-stroke lead.
Campbell tied Lickliter for the lead with a birdie at 15th hole but bogeyed Nos. 16 and 18 for a 5-under 67.
Lickliter led over each of the final three rounds, winning the $540,000 top prize with a 72-hole total of 19-under 269. His only other win in eight years on tour was at the 2001 Kemper Insurance Open.
Campbell was alone in second at 17-under 271, a stroke ahead of Brenden Pappas and two better than Bob Tway and Aaron Barber.
Campbell was trying to become the PGA Tour's initial first-time winner of 2003 after the circuit produced a record 18 first-time champs last year.