The Aggies (15-16, 9-7) secured the No. 3 seed and a first-round bye for next week's Western Athletic Conference tournament in Las Vegas.
Gordo Castillo had a double-double, with 15 points on 4-of-6 shooting from 3-point range, and 10 rebounds for New Mexico State. Christian Kabongo and Tshilidzi Nephawe each scored 10 points.
Dario Hunt and Deonte Burton led Nevada (12-18, 8-8) with 14 points each and Derrell Conner and Kevin Panzer each had 10 points.
The Aggies finished the game shooting 54 percent from the floor, outrebounded Nevada 35-25, and finished 7 for 12 from 3-point range and 16 for 24 from the free-throw line.
The Wolf Pack led 36-35 at halftime but the Aggies outscored Nevada 12-6 to open the second half.
Nevada answered with a 12-2 run to take its biggest lead to that point at 55-49 with 11:41 to play. The Wolf Pack led by as many as seven with 10:42 left, but New Mexico State took advantage of a 14-for-19 effort at the free throw line in the second half, helping the Aggies chip away at the Nevada lead and regain the lead on a pair of Kabongo free throws with 5:54 left.
Kabongo followed with a drive to the basket to put NMSU up 65-62 with 5:24 to play. A fadeaway from Gillenwater and a triple from Hernst Laroche put NMSU up 72-64 with 2:50 to play.
Nevada was 42.9 percent from the field but finished with 26 free-throw attempts, after shooting 15 for 16 from the line in the first half.
The Wolf Pack trailed by 10 with 7:32 left in the first half, but outscored the Aggies 11-0 to take a one-point lead on a Panzer jumper in transition.
NMSU scored 14 points in the paint in the first half, shooting 55.6 percent in the first 20 minutes while Nevada was 42.9 percent from the floor.
But the Aggies committed three straight turnovers during Nevada's run. NMSU committed 11 turnovers in the first half and 12 for the game.