The Hatters (9-10, 6-2 Atlantic Sun Conference) shot 50 percent (13 of 26) in each half to move a half-game ahead of second-place Jacksonville in the conference.
The Bisons (7-11, 2-5) trailed 30-15 in the first half but got back to within three points, 49-46, after Deonte Alexander's 3-pointer with 13:33 remaining.
Aaron Graham answered with a 3-pointer on Stetson's next possession, Pegg tipped in a miss by Graham, and Pegg scored on a 3-pointer to make it 57-46. Lipscomb got no closer than seven points after that.
Graham finished with 16 points and Joel Naburgs had 13 for Stetson.
Alexander led Lipscomb with 23 points, including 15 in the second half. Khion Sankey had 10 points, nine rebounds and six assists.