Jonas Valanciunas and Amir Johnson scored 15 points apiece for Toronto, and Jose Calderon had 11, while matching Lowry's seven assists. Bargnani was 6 of 12 from the field, including 3 for 4 from 3-point range.
Memphis led 66-59 at halftime behind 13 points from Bayless, while Bargnani scored 13 for the Raptors.
Toronto didn't take its first lead until midway through the third. The Raptors outscored Memphis 32-21 in the period.
The Rockets have been portrayed as having major chemistry issues, but their GM says the issue has been overstated by outsiders.
Kyle Lowry throws the alley and Jonas Valanciunas finishes with a two-handed oop in the second quarter against the Pacers.
Tyronn Lue has yet to officially sign a new contract since taking over as head coach of the Cavaliers, multiple sources told ESPN.com this week.