The Wombats began to find their groove after half-time, but they couldn’t recover a heavy early deficit.
Nagambie dominated the opening quarter, with its star-studded forward line elusive for Lancaster’s back six.
It piled on five of the first six goals, with Tom Barnes and Lucas McKinnon particularly strong in the air.
Lancaster trailed 35-9 at quarter-time and its hole deepened in the second, at one stage down by 38 points.
The Wombats ran Nagambie close in their two previous encounters, and fought back after half-time.
Coby O’Neill led the comeback charge, booting three third-quarter goals.
Lancaster began to win more clearances, and its braver approach started to pay off.
Nick Ryan’s team trailed by only 14 entering the final term. But its margin for error was still small.
Nagambie seized back control to open the fourth, a period which won it the premiership.
Three of the period’s first four goals went to the Lakers, with back-to-back majors from Liam Hockley and William Dalton suddenly pushing the margin out to 24.
Lancaster captain Charlie McLay tried to spark a late miracle with a nice finish on the run.
Down 16, the Wombats generated plenty of scoring shots in the dying stages, but their inaccuracy killed all hope.
Ryan’s side booted 3.9 in the final term — which included a goal on the siren — as it fell 11.19 (85) to 13.14 (92).
Nagambie’s Blake Fothergill took home the best on ground medal.
The game
Lancaster: 1.3, 3.8, 8.10, 11.19 (85)
Nagambie: 5.5, 8.9, 10.12, 13.14 (92)
Goals
Lancaster: Charlie McLay 3, Coby O’Neill 3, Blake McAuliffe 2, Jamie Scapin 2, Ricky Thomson
Nagambie: Lucas McKinnon 3, Tom Barnes 2, Will Dalton 2, Blake Fothergill 2, Kobi Maynard 2, Liam Hockley, Jonathan Moore
Best
Lancaster: Charlie McLay, Zac Cerrone, Luke Davies, Thomas Davies, Coby O’Neill, Samuel Jackson
Nagambie: Blake Fothergill, Tyson Chapman, Lucas Mckinnon, Will Dalton, Mitchell Sanderson, Lucas Hall
20°C