The shot - from more than 50 feet out - swished through the net, part of a 10-0 Cleveland scoring burst that extended their lead to 75-60.
Mike Dunleavy led Chicago with 24 points, while Aaron Brooks added 17 and Jimmy Butler chipped in 16 in the Bulls' second defeat in three games.
Among Cleveland's 10 three-pointers in the first half were impressive buzzer-beaters by Irving and Smith to end the first and second quarters, which helped the hosts take a 54-45 lead into halftime.
The Bulls narrowed the gap to 79-71 going into the fourth quarter, and pulled within five at 92-87 with just over three minutes to play.
Two of their next three possessions ended in turnovers, and Nikola Mirotic missed a three-pointer on the other.
- AAP