The second-seeded Magicians led 40-19 with 1:46 left in the first half before the Lions scored the final seven points before the break.
Paine still trailed 50-40 with 10:43 to play before going on an 11-0 run and taking a 51-50 lead on a layup by Kedric Taylor with 7:45 left.
The Lions were still up by one, at 59-58, before Chris Brown hit a jumper with 1:19 to play to give the Magicians the lead for good.
Taylor scored a game-high 20 points for Paine (16-13).
GEORGIA SOUTHERN 76, CHATTANOOGA 70
In Asheville, N.C., Georgia Southern surged from an eight-point halftime deficit to take the lead, then held on to beat Chattanooga in the first round of the Southern Conference Tournament.
Eric Ferguson scored 26 points for the Eagles (15-14), who will play Elon at 8:30 p.m. today.