Player of the Match Ashton Turner hit a brilliant and brutal 70 off just 32 balls to save the game for the home side, with the pursuit the second time in as many home matches that the Scorchers have broken their chase record, having overcome the Sydney Sixers' 4-167 on New Year's Day to set the previous mark.
The result ensured the Scorchers' unbeaten record against the Renegades remained intact and put the reigning Champions two points clear on 10pts at the top of the BBL|07 ladder with a 5-1 record, however the second-placed Adelaide Strikers (4-1) have a game in hand.
The Scorchers were looking to atone for their first loss of the season, falling to the Brisbane Heat last Friday, and appeared on track after winning the toss and electing to bowl.
Former Scorchers batter turned Renegades opener Marcus Harris (48 from 28) was brutal, but lost his partner early as captain Aaron Finch (two) was caught behind off Mitchell Johnson (1-23(4)).
Harris was then joined by the insatiable Cameron White (68 not out off 55) and the pair built a 65-run partnership, until the former was caught off Andrew Tye (2-36(4))) just shy of his half-ton.
The hosts were made to pay for an error in the field, when a skied edge off Tom Cooper (57 off 34) was misjudged by keeper Josh Inglis and dropped past his gloves, with the batter going on to record a half-ton and a haunting 98-run partnership alongside White.
The damage had already been inflicted when Cooper was finally dismissed, slashing at a Tye delivery outside off to be caught at third man, to have his side 3-182 in the last over.
Salt was rubbed in the wound a couple of balls later when White was caught in the deep, only for the delivery to be called a no-ball, with the Renegades ending their innings on 3-185.
The Scorchers' chase was stymied early, with a sharp caught behind off Mohammad Nabi (1-30(3.5)) seeing off Michael Klinger for a first-ball duck.
Opener David Willey (55 from 41) and Hilton Cartwright (22 off 23) added a quick 44-run partnership, before the latter was stumped off former Scorchers crowd favourite Brad Hogg.
The dismissal brought crucial batter Turner to the crease, with the free-wheeling right-hander making the most of a gifted life early in the piece.
The required run-rate was climbing, forcing Turner to hit out and he sent a top edge to Hogg at third man, who put the batter down on 16, with the spinner playing up the error to the crowd in the characteristic fashion that has won him so many fans across his career.
Turner rebounded with a six on the next ball and went on to post a game-changing 70 at a strike rate of more than 200, that combined with Willey for an 87-run partnership, before the latter was caught in the deep shortly after his half-ton.
The Scorchers required 19 runs off 16 balls when Turner was run out by some fancy footwork from Dwayne Bravo (0-43(4))), who had his second run out in the same over when skipper Adam Voges (one from one) was caught short of the non-striker's crease.
The hosts were 5-169 with a little more than two overs remaining, when Ashton Agar (26 not out off 17) took matters into his own hands with a pair of sixes.
The equation was three runs required off Nabi's final over, with two dot balls bringing fans to the edge of their seats, before Agar punched the winning runs through mid-wicket to a rapturous applause with one ball to spare.
The Scorchers fly out tomorrow to take on the Sydney Thunder on Thursday at Spotless Stadium.