Evansville (11-8, 4-3 Missouri Valley) led most of the first half and had a 42-40 lead with 11:49 left in the game.
But a layup by Jake Kitchell with 10:56 remaining put Indiana State (12-6, 5-2) ahead to stay.
Indiana State had a 21-7 scoring advantage off the bench and a 28-18 edge in points in the paint.
Evansville had a 36-29 rebounding advantage.
Andrew White III will return to the Nebraska men's basketball team next season after removing his name from the NBA draft.
Mike Brey is looking at former Notre Dame players to fill two assistant jobs that have opened up with the departures of Martin Ingelsby and Anthony Solomon.
Purdue's 2016-17 prospects got a jolt Wednesday when forward Caleb Swanigan announced he will return for his sophomore season.