Presbyterian (6-7) entered the game on a three-game winning streak that included victories over Auburn and Wake Forest, but couldn't overcome a scoring drought of nearly six minutes late in the second half.
With the Blue Hose leading 49-45 with 9:35 left, a Ben Finney 3-pointer and a Bazemore layup pushed Old Dominion (9-2) ahead.
The Blue Hose regained the lead at 51-50 on an Al'Lonzo Coleman layup with 7:51 left, then went cold as the Monarchs went on a 9-0 run.
Presbyterian finally scored again on a Coleman layup with 1:57 to go, but Old Dominion went 4 for 4 from the free-throw line to seal the win.
Coleman paced Presbyterian with 17 points and eight rebounds and Khalid Mutakabbir had 11 points, including nine in the first half.