South Australia resumed at 7-94 requiring 80 more runs to win on a seaming Gabba pitch but were dismissed for 131.
It was the highest innings total by either side in an extraordinary encounter which produced just 447 runs and lasted less than seven sessions.
Jake Lehmann was the Redbacks’ main hope of a first win of the season but the middle-order batsman fell LBW to Michael Neser for 42 in the third over of the day, having been dropped two balls earlier.
Lehmann top scored for the match, such was the nature of the contest.
Tailenders Nick Winter (21 not out) and Joe Mennie (12) showed some late resistance after the Redbacks had lost 6-8 in their first innings to be bowled out for 71.
The pair put on 35 runs between them to creep closer to the target total.
Queensland's seam attack of Neser (1-27) and Luke Feldman (2-46) were on song from the outset but it was leg-spinner Mitch Swepson (1-4) who made the vital breakthrough in his first over of the match.
Swepson had Mennie caught at mid-wicket and Cameron Gannon (2-21) claimed Luke Robins caught behind for one to end the contest.
The opening day produced 17 wickets, only to be outdone on day two when 20 wickets fell as Queensland managed to grab a 44-run first innings lead.
The result pushed the Bulls temporarily into third but a lack of bonus points means they have only the slimmest mathematical hope of reaching the final.
South Australia's final chance to register a win this season will be against leaders Victoria next week in the first Shield match to be held at Adelaide’s Karen Rolton Oval.