Chasing Badshahs' modest total of 130/9, Heroes stumbled to Rana Naved after a good start eventually to finish level on 130 all out with two balls to spare.
In the bowl-out: Boje, Inder Shekar Reddy and Chris Harris were on target for Heroes while Abosalem missed. Badshahs' bowlers Naved Rana, Nazir and Latif were off target.
Winners pocketed a whopping Rs 2 crore while R-up earned Rs 1 crore. Chennai Superstars the team in third spot earned Rs 75 lakh while the fourth placed Kolkata Tigers took home Rs 50 lakh.
Openers Imran Nazir and Taufiq Umar got off Badshahs to a fine start after their skipper Inzamam chose to bat first in the must-win tie. Lahore unit raced to 25/0 in three overs.
Harris brought on the young Absolem in the fifth over and he responded immediately, drawing first blood with the wicket of Umar.
At the end of the fifth over, the Badshahs were at 38/1.
Harris then introduced spin from both ends, at the start of the seventh over, with both Boje and Reddy were relatively successful in pulling back the Badshahs scoring machine.
The pressure finally resulted in Reddy getting rid of the dangerous Nazir for a well made 30. At the half way mark of their innings the match was well poised with Badshahs at 65/2.
Reddy was bowling beautifully in front of his packed home ground stadium and got the big break, trapping the Inzy plumb in-front in the 12th over leaving the Badshahs in a bit of a bother at 75/3.
Stuart Binny, who had a fine series with the willow, shown his prowess with the cherry. Stuart the chip of the old bloke (son of former India seamer Roger Binny) wrecked Badshahs middle-order in a spell of three measured military medium pace bowling that earned him three wickets for a measly nine runs.
The Bangalorean got into the act in his first over sending back the dangerous Imran Farhat (30) in the 14th over. Two overs later Binny dismissed Humayun Farhat and Naved Latif to reduce Badshahs to 98 for 6 in 16th over.
With two overs to go, the Badshahs were struggling at 111/6 with Azhar Mahmood holding the key for any chance of a final onslaught.
However, there was no momentum whatsoever and the Badshahs folded their innings 130/9 in their allotted 20 overs.
In reply, the Heroes got off to a cautious start having scored 17 for no loss in three overs.
A contest was in store with both Sami and Mahmood bowling a hostile spell of fast bowling with Razzaq and Maher countering it with some solid batting.
Inzamam then turned to his spin spearhead Mushtaq in the seventh over and little Mushy responded immediately with the wicket of Razzaq bringing the Badshahs right back into the match.
Mushy struck again in the ninth over castling the Heroes batting mainstay Maher for 19. With ten overs remaining, the capacity crowd was getting its money's worth with the match delicately poised at the Heroes' score of 59/2, needing another 72 runs with 8 wickets in hand.
In came Rana Naved in the 14th over and immediatly castled dangerous looking Boje.
With four overs to go, the Heroes were 35 runs shy from the title with local lad Rayudu (48) holding the mantle.
Rana Naved plucked three wickets in the eventful 18th over setting the match to go all the way down to the wire.
In the dramatic final over bowled by Naved Rana Heroes lost two wickets with scores tied. Absolom was run out while IS Reddy was undone by a peach of an inswinging yorker.
Naved-ul-Hasan and Ambati Rayudu were jointly declared the Man of the Match pocketing Rs two lakhs, a Diamond Ball sponsored by Gitanjali Group and the Trophy.
Abdul Razzaq earned Man of the Series for his fine all-round effort throughout the event. The Pakistan-discard pocketed Rs 40 Lakhs and the Trophy.
Lahore Badshahs 130 for 9 in 20 overs (Imran Nazir 30, Imran Farhat 30; Stuart Binny 3 for 9, IS Reddy 4 for 19) tied with Hyderabad Heroes 130 all out in 19.4 overs (Ambati Rayudu 46 n o, Maher 19, Razzaq 19; Naved Rana 5 for 22, Mushy 2 for 19) Heroes won the tie and title by virtue of bowl-out 3-0.