After being put into bat in the second match of Sunday???s double-header at Mumbai???s Braebourne Stadium, Rajasthan posted a total of 189-2 from 20 overs, with Delhi (175-7) falling 15 runs short of the target in reply.
Rahane, who has faced more balls than other batsman in this year???s IPL, was measured in an opening stand of 52 with skipper Shane Watson (21), before going on to score an unbeaten 91 off 54 balls.
Rahane was in good touch from the outset, taking Gurinder Sandhu, Nathan Coulter-Nile, Zaheer Khan and Angelo Matthews to the boundary inside the powerplay overs.
Watson pulled Matthews away for a four in the seventh over before an outside edge off his bat the very next ball was gleefully taken by wicket keeper Kedar Jadhav to break the opening partnership.
But Karun Nair joined Rahane at the crease, smashing 61 off 38 balls, including eight boundaries, as the pair put on 113 for the third wicket.
The 17th over saw Nair hit Sandhu for a six and two fours from three consecutive balls as the talented 23-year-old brought up his fifty in style.
He smashed Coulter-Nile for six over deep midwicket at the start of the penultimate over before lofting an attempted six towards deep cover the next ball, allowing Amit Mishra to run-in and take the catch.
Rahane and Faulkner added another three boundaries between them as Rajasthan set Delhi a target of 190 to chase down for victory.
Delhi???s reply began promisingly as Shreyas Iyer and Mayank Agarwal took them to 14-0 after two overs before Agarwal slogged Binny over the long off boundary for six.
But it proved to be Agarwal???s last telling contribution of the match as he played onto his stumps off Binny???s next delivery.
JP Duminy came in and hit a six and a four off the next over but could only watch as Watson???s first ball found Iyer???s inside edge, leaving Delhi 32-2, at the beginning of the fifth.
With a mountain to climb, Yuvraj Singh came to the crease, hitting four delightful boundaries in his 18-ball knock of 22 before he was caught by Binny at deep square leg off the bowling of Faulkner towards the end of the ninth over.
Binny claimed his second scalp when wicketkeeper Sanju Samson hung on to a faint outside edge from Matthews in the 14th over and 12 balls later, Delhi were reduced to 123-5 when Watson caught Jadav.
That left Delhi chasing 67 from 27 balls and when Faulkner had skipper Duminy caught by Dhawal Kulkrani with the last ball of the 18th over the game looked up for the Daredevils.
Manoj Tiwary finished unbeaten on 28 as Delhi fell short of their target, giving Rajasthan their first win in six matches after a run of two defeats and three incomplete matches.