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.