Lillard scored 36 points, including a career-best eight three-pointers, and sunk the game-winning three-pointer with just 0.4 seconds left to play as the Blazers improved their record to an NBA-best 22-4.
LaMarcus Aldridge supported Lillard with 26 points and 15 rebounds, while Kyrie Irving and Dion Waiters had 25 points apiece for the Cavaliers.
Kevin Durant and Russell Westbrook combined for 51 points as they helped the Oklahoma City Thunder to their seventh straight win, 105-93 over the Denver Nuggets.
Durant scored 30 points while Westbrook added 13 rebounds and eight assists to his 21-point haul to finish two dishes shy of a triple-double.
Stephen Curry had 28 points and 12 assists to lead the Golden State Warriors to a 104-93 win over the New Orleans Pelicans, with David Lee adding 21 points and 17 rebounds.
Kobe Bryant and Pau Gasol scored 21 points each in the Los Angeles Lakers' 96-92 win over the Memphis Grizzlies and Kemba Walker scored 24 as the Charlotte Bobcats saw off the Sacramento Kings 95-87.