Lee's 10-foot baseline jumper was a duplicate of the shot that tied the dramatic showdown in the first overtime and enabled the Buckeyes to take over first place in the Big Ten Conference.
Jim Jackson scored a career-high 30 points for Ohio State (22-1, 12-1), including the basket that tied it at the end of regulation play.
Indiana (22-3, 10-2) was led by a career-high 32 points by freshman Damon Bailey.
"That was a tremendous college basketball game. I've never been involved in a better game," said second-year Ohio State coach Randy Ayers.
Ayers had reason to like the outcome.
Neither team led by more than six points and there were 24 lead changes and 22 ties.