Lorrenzo Wade made four free throws in the final 34 seconds to seal the win. He finished with 17 points.
Phillip McDonald led New Mexico (11-8, 2-2) with 17 points and Tony Danridge added 14.
San Diego State trailed by nine early in the first half but used a 15-3 run to lead 37-32 at halftime. The Aztecs extended the lead to 66-53 with 6:13 left before the Lobos rallied in the final minutes.