Guard Keenan Evans scored 32 points, including 25 after halftime to lead the Red Raiders.
Forward Caleb Martin scored 28 points to lead Nevada (8-1). Wolf Pack forward Cody Martin finished with 22 and guard Kendall Stephens added 15.
But Texas Tech (7-1) held Nevada guard Jordan Caroline to 6.
Texas Tech rallied from an 11-point deficit in the second half and took the lead when guard Davide Moretti nailed a 3-pointer from the right side with 5:51 left.
But the Wolf Pack regained a four-point edge when Cody Martin hit a jumper and Stephens made a 3 on back-to-back trips down the floor.
The Red Raiders kept battling and tied it at 70 when forward Justin Gray hit a pair of free throws with 23 seconds left.
Texas Tech forward Zach Smith blocked Caroline's attempt at a game-winner with less than five seconds left.
Nevada nailed five of its first six attempts from 3-point range, helping the Wolf Pack control the first half.
Stephens hit Nevada's fifth 3-pointer of the half, which gave the Wolf Pack a 24-13 lead with 10:37 left before the break. That was Nevada's largest lead of the first 20 minutes.
However, Texas Tech responded with an 8-0 run, highlighted by forward Tommy Hamilton's 3-pointer from near the top of the key. Guard Jarrett Culver hit a free throw to cap the run and cut Nevada's lead to three with 7:23 left until halftime.
But Nevada kept up the pressure, holding Texas Tech without a field goal for almost five minutes and re-establishing a double-digit lead when a Caleb Martin layup made it 36-26.
The Red Raiders then scored the last five points before the break, including a jumper by Evans that sliced the Wolf Pack's halftime lead to 36-31.
Caleb Martin scored 12 and Cody Martin added 10 to lead Nevada in the first 20 minutes.
NOTES: Texas Tech is now 5-0 all-time vs. Nevada. The Red Raiders and Wolf Pack last met in 1990 when the Bob Knight-coached Texas Tech team defeated Nevada, 66-54, in Lubbock. ... Nevada's appearance at No. 22 in the AP Top 25 marked the Wolf Pack's first ranking in a poll since they finished the 2006-07 season at No. 21 in the Coaches Poll. ... Texas Tech played its first home game against a Top 25-ranked nonconference opponent since No. 9 Arizona visited Lubbock on Dec. 1, 2012. The Wildcats won that game, 85-57.