Ole Miss (18-13, 9-9 Southeastern Conference) won for just the second time in eight games. The Rebels trailed for almost the entire afternoon, but pushed ahead 61-60 on two free throws by Henderson with 3:36 remaining.
Henderson struggled with his shot on his senior day, finishing 5 of 19 from the field, including 2 of 13 from 3-point range, but he hit several clutch free throws in the final minutes.
Vanderbilt (15-15, 7-11) lost its fourth straight game. Dai-Jon Parker scored a career high 25 points and Luke Kornet also had a career high with 13. The Commodores had a chance to tie the game in the closing seconds, but Nathan Watkins missed a 3-pointer just before the buzzer.
Ole Miss won despite struggling to shoot from just about everywhere on the floor. The Rebels made just 18 of 54 (33.3 percent) shots from the field, including 5 off 22 (22.7 percent) from long range. The Rebels did force Vanderbilt into 17 turnovers.
Henderson was honored before the game, receiving a warm reception from the crowd at Tad Smith Coliseum. The 6-foot-2 guard has been arguably the most polarizing player in program history during his two-year tenure -- at least from a national perspective -- known as much for his on-and off-the court problems as his scoring ability.
But the fans in Oxford love him, and there's little denying his production.
He's scored more than 1,000 points in two years and has made a 3-pointer in 64 straight games, which is an SEC record. He also helped lead the Rebels to an SEC tournament title and the NCAA tournament last year.
This season's not going as well, though Henderson's production has remained virtually the same. The Rebels have a young frontcourt that has been inconsistent and Vanderbilt exploited it early, dominating in the paint on the way to a 37-32 halftime lead.
Parker led the Commodores with 12 points in the first half while Kornet added 11.
Vanderbilt stretched its lead to 44-32 early in the second half before a Henderson 3-pointer stopped the rally. It was one of the few times the Commodores let him get a decent look from long range.
The Rebels continued their methodical comeback throughout the second half.
Ole Miss couldn't get any separation until Martavious Newby hit a pair of free throws to give the Rebels a 65-62 lead with 26.6 seconds left. A defensive stand in the final seconds helped secure the win, with Watkins getting a hurried look as time wound down.
Follow David Brandt on Twitter: www.twitter.com/davidbrandtAP