Jason Richardson scored a game-high 35 points and knocked down seven threes as the Suns (5-4) fell just short of the NBA record of 23 three-pointers set by the Orlando Magic in 2009.
"I didn't know what the record was. I know we made a lot of them," Richardson said. "I didn't know we were close to the record or anything like that."
Steve Nash scored 12 of his 21 points in the final five minutes and added 13 assists. The All-Star point guard found Hedo Turkoglu for a final clinching shot from long distance with 34 seconds left to push the Suns' lead to six.
The Lakers (8-2) lost their second straight game after starting the year 8-0, despite a strong offensive performance.
Lamar Odom put up 22 points and 11 rebounds but received a critical technical foul with 53 seconds left and the Lakers trailing by two.
"I don't think the NBA wants those type of things to happen, it changes the context of the ball game," Los Angeles coach Phil Jackson said.
"(The NBA rules) say we expect normal reaction. That was normal reaction so we expect a better judgment in that situation."
Even without the technical free throw, the Lakers could not stop the offensive onslaught from the Suns who shot 51 percent from the field and were 22-for-40 behind the three-point line for the game.
In a tight contest, Phoenix took the lead for good in the third where they led by as much as 13 before the Lakers chipped away at the deficit.
Lakers reserve point guard Steve Blake sat out of the game with a stomach ailment.