Set an improbable victory target of 325 off 79 overs, Victoria were bowled out for 143 in 51 overs early in the final session, with Luke Feldman taking 4-36.
The Bulls were last on the Shield ladder ahead of the match but now move to fourth, relegating the Bushrangers to the bottom in the final round before the first-class break for the Big Bash League.
Victoria stumbled in their run chase from the outset when Alister McDermott (2-29) removed openers Aaron Finch (18) and Peter Handscomb (seven) to reduce the visitors to 2-36.
But the middle session was a nightmare for the Bushrangers, ensuring they limped into tea at 7-132. Victoria lost 5-87 before the interval, with Ben Cutting (2-15) at one stage claiming two wickets in four balls before Feldman cleaned up the tail.
Queensland were desperate for a win, and it showed when they came out swinging as they resumed their second innings at 2-208.
They smashed 4-105 within an hour before declaring at 6-313, when Chris Lynn was dismissed for 60 from 48 balls.
The Bulls' whirlwind batting display reached a crescendo in what became the final over of their innings when Lynn crunched 22 off five balls before being bowled by Aaron Finch.
The Bulls' second innings was set up by a 193-run opening partnership by Joe Burns (102) and Luke Pomersbach (85) - their second century stand of the match.