The Rockets (3-4) led 69-61 before a 9-2 run pulled the Mastodons (2-5) within 71-70 on two free throws by Jeremy Mixon with 1:14 left. Mixon, who had six points during the run, made a layup on IPFW's next possession for its first lead since 6:30 left in the first half.
Toledo led 42-35 at halftime after shooting 58.3 percent from 3-point range (7 of 12), including 3 of 3 from long range from Jay Shunnar.
Shunnar and Barnett finished with 16 points and Lo added 15 points on 7 of 7 shooting for the Rockets.
The Mastodons, who were outrebounded 16-11 in the first half, won the battle of the boards 17-13 in the second.
IPFW's Deilvez Yearby had 11 points and 10 rebounds in the first half and finished with 16 and 12.