Pascal Siakam's 3-point shot at the final horn spun around and out for the Raptors, who have lost seven straight.
Joe Ingles came off the bench with 19 points for Utah, which avoided losing on consecutive nights for the first time since Jan. 5-6. Rudy Gobert had 15 points and 16 rebounds.
Siakam led Toronto with 27 points and nine assists.
With the return of forward OG Anunoby from a six-game absence due to health and safety protocols, the Raptors played for the first time in months with their whole team. Anunoby finished with 15 points and five rebounds before fouling out with 5.7 seconds left.
Ingles and Jordan Clarkson hit 3-pointers and Gobert converted a three-point play in a 12-0 run in the fourth quarter that lifted Utah to a 94-84 lead, the only double-digit lead of the game for either team.
Norman Powell and Anunoby answered with 3-pointers and Toronto led 110-105 after a 3-pointer by Kyle Lowry with 1:36 left.
The Raptors went scoreless for more than four minutes of the first half until Fred VanVleet ended the half with a 38-foot buzzer-beating shot, leaving Utah up 55-54.
Jazz: The Jazz had a 48-31 rebound advantage. ... Gobert, who has not missed a game this season, was listed as questionable with a hip injury. ... Mike Conley (load management) had sat out Thursday night's 131-122 loss at Washington, the third game of a five-game trip.
Raptors: Siakam and VanVleet played Wednesday night after missing six and five games, respectively, due to the health and safety protocols. ... A maximum of 3,800 fans were allowed in Amalie Arena for the first time since early January.
Jazz: Play at Chicago on Monday night.
Raptors: Play at Cleveland on Sunday night.