Milwaukee (14-9, 4-5 Horizon) led 38-23 at halftime, but Wright State closed to within two points with 12 seconds to play.
Steve McWhorter and Malcom Moore scored 12 apiece and the Panthers outshot Wright State (13-11, 5-4) 48.9 percent to 41.1 percent.
Moore scored eight straight points and Milwaukee led 14-5, then ripped an 11-1 run for a 16-point first-half lead. Jerran Young scored a dunk and a 3-pointer, but Wright State trailed 38-23 at halftime.
Wright State used runs of 10-1 and 8-2 to close the gap and JT Yoho made it a two-point game with 12 seconds to play by scoring consecutive 3-pointers. But Yoho fouled Kelm, who sank both free throws to clinch the win.
Yoho finished with 20, Tavares Sledge had 12, and Young had 10.