The Billikens (10-3) trailed by 13 points at the half and never led by more than four points in a game that saw five ties and eight lead changes.
Ole Miss (11-3) had a chance to tie it at the end, but Todd Abernethy's 3-point attempt fell harmlessly short at the buzzer.
Bam Doyne, who led all scorers with 22 points, missed a short jumper with under 10 seconds remaining that would have put the Rebels ahead by one point. The Billikens' Dwayne Polk grabbed the rebound and, after getting fouled, hit two free throws to finish the scoring.
Lisch sank two free-throws with 3:32 left in the game to tie the score at 51 and Luke Meyer's jumper on the Billikens' next possession gave St. Louis the lead for good.
The Rebels led 34-21 at halftime but saw their edge evaporate during a 9-0 Saint Louis run to open the second half. Meyer scored seven of his 13 points during the run.
Justin Johnson hit a short jumper for the Billikens with 11:47 left in the second half to tie it at 42.
Rebs lose big lead, game at Saint Louis
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