
All five of Detroit's starters scored in double figures as the Pistons downed the Lakers 106-95.
Wallace made 8-of-15 shots from the field, including four 3-pointers. He grabbed a game-high 13 rebounds, earning his fifth double-double of the season.
Iverson made 11-of-12 free throws and added four steals while Tayshaun Prince scored 18 points with six assists and four rebounds.
Richard Hamilton scored 12 points and Kwame Brown added 10 with 10 rebounds for the Pistons.
The Pistons shot 56 percent in the first half and led by 11 points at the break. A burst late in the third quarter saw them lead 77-62 heading into the final period, a deficit the Lakers couldn't overcome.
Reigning NBA Most Valuable Player Kobe Bryant had 29 points, six assists and five rebounds for the Lakers, who had outscored opponents by an average of 18 points in winning their first seven games of the season.
The Lakers' 7-0 start was the third-best in franchise history, and they were the last unbeaten team in the league.
Iverson said ending the Lakers' season-opening run of success was less important for the Pistons than building their own momentum.
"Eventually they were going to lose anyway," Iverson said. "But a win is a win."
Iverson was acquired by Detroit from the Denver Nuggets on November 3 and took a couple of games to settle in before helping the Pistons to back-to-back victories over Sacramento and Golden State heading into Friday's contest.
The Pistons complete their Western road trip at Phoenix on Sunday.