Joe Edwards led IPFW with 10 points, while three others - Frank Gaines, Mario Hines, and Michael Kibiloski - each scored nine in the win.
Kevin Harden added eight points for the Mastodons, while Isaiah McCray finished with seven points.
Hines also pulled down a team-best seven rebounds, while Pierre Bland passed out three assists.
Miami (3-3) jumped out to a 7-2 lead early on, and never trailed in the first half, leading by as many as 14 with 5:08 to play in the first half. That advantage came as the RedHawks capped off an 11-0 run.
IPFW (5-4) cut the gap to 10 by scoring the last four points of the half, heading into the locker room down 32-22.
The RedHawks pushed the lead back to 14 with 15:45 to play in the game, however, the visitors would not hit another field goal for the next seven minutes, as the Mastodons used a 12-0 run to close to within one, and tied the game on a Kibiloski three with 5:43 to play in the game.
IPFW took its first lead of the game when Gaines hit a baseline jumper with 3:29 to play, and IPFW's lead grew to as many as three with 1:10 to play, but four straight free throws over two possessions by the visitors gave Miami a one-point lead with 24 seconds to play.
With two seconds left in the game, Kibiloski found Hines wide open with an inbounds pass, and Hines found the bottom of the net for the IPFW win, as Will Felder's attempt from halfcourt with a second left found only the backboard, securing IPFW's one-point win.
IPFW outrebounded Miami 32 to 28, as each team had four blocked shots - two by Hines for IPFW.
Gaines had three steals to lead the team.
IPFW hit 21-of-50 shots from the field (42 percent), and 5-of-15 (33.3 percent) from long range, and 10-of-21 (47.6 percent) from the charity stripe.
IPFW outscored Miami 30 to 24 in the paint, and 29 to 9 on bench points.
Miami was led by Will Felder, who had game-highs with 15 points and eight rebounds, as Allen Roberts scored 11.
The Mastodons will travel to Valparaiso on Wednesday at 8 p.m. (EDT).