Bellucci, ranked No. 60, got his third career title and second at Gstaad. He won the clay-court event as a qualifier in 2009.
Tipsarevic was denied a second straight title after winning on clay last week at Stuttgart, Germany, where he beat Bellucci in the semifinals.
Bellucci led 6-1 in the first-set tiebreaker, before Tipsarevic reeled off seven points for the set. At 5-4 in the second, Bellucci broke the eighth-ranked Serbian's serve to love to even the match.
Tipsarevic saved two match points but double-faulted to present a third, which the 24-year-old Brazilian won.
Bellucci and Tipsarevic will compete in the London Olympics at Wimbledon.