Wallace's one-pointer ended the Warriors four-game winning streak although they maintained sixth place and look destined to figure in the post-season.
Lockyer, meanwhile, brings up the next milestone of his storied career in Townsville next week, when the third-placed Broncos visit North Queensland.
On cue Lockyer had a hand in the Bronco's opening try - a wrap around move with Sam Thaiday - that put centre Justin Hodges over in the corner in the fifth minute.
Lockyer probed the right edge, Thaiday committed three defenders and offloaded to his skipper who flicked the ball to Hodges who crossed beyond Locke's despairing dive.
Sean Johnson then proved it is also a young man's game when he produced a scintillating effort, a mesmerising 70-metre run that left six Broncos defenders in his wake.
He first wrong footed Thaiday and Scott Anderson, avoided Andrew McCullough's ankle tap and then - with no support - Johnson goose-stepped past Josh Hoffman before a deft left foot jink carried him clear of wingers Jharal Yow Yeh and Gerard Beale.
The Broncos had dominated field position before that 12th-minute breakout and continued to do so only to concede another long-range effort orchestrated by Maloney.
Unable to capitalise on two close range penalties early in the second quarter the Broncos were stunned in the 29th minute when Maloney regathered his own chip and flung the ball to Locke who, from a standing start, made Lockyer look his age as he rounded him with ease and touched down in the corner.
Facing a 12-4 deficit on the brink of halftime, the Broncos next generation then combined to atone for Lockyer's defensive lapse when rookie centre Jack Reed slipped a perfect pass for Beale to surge 30-metres shortly before the hooter sounded.
Reed, who has played all 19 games in his debut season, continued the Broncos resurgence eight minutes after the restart when he leapt to collect a Peter Wallace cross kick to draw the sides level before Corey Parker goaled the first of his three attempts.
Inevitably Lockyer then proved the catalyst for a Broncos buffer heading into the final quarter when his inside ball to a rampaging Matt Gillett put the home side in front 20-12.
However, Shaun Berrigan - Lockyer's former teammate at club, state and international level - set up a tense finale when he barrelled over in the right hand corner.
Maloney added the difficult conversion and then raised the prospect of golden point with eight minutes remaining when his burst to the posts culminated in a handy penalty for the competition's leading scorer.
In a frenetic climax Maloney, Lockyer - twice - and Johnson missed field goal attempts before Wallace slotted the clincher from close range the set after Lockyer's was charged down.
Brisbane Broncos 21 (Justin Hodges, Gerard Beale, Jack Reed, Matt Gillett tries; Corey Parker 2 goals; Peter Wallace field goal).
NZ Warriors 20 (Shaun Johnson, Kevin Locke, Shaun Berrigan tries; James Maloney 4 goals). Halftime: 8-12
- AAP
