James and Wade, who arrived in the NBA together as part of a star-studded draft in 2003, have formed one of basketball's most famous rivalries and closest friendships over the course of their careers, AFP reported.
Former teammates at the Miami Heat, where the duo won back-to-back NBA championships in 2012 and 2013, the two faced each other for the last time on Monday with Wade retiring after the 2018 season.
The 31st meeting of the two men finished with a victory for James, who seized control of the contest in the fourth quarter to finish with 28 points, nine rebounds and 12 assists.
Wade scored 15 points off the bench for Miami, whose top scorer was Justise Winslow with 28 points.
The Lakers win means James finished with 16 wins to Wade's 15 in head-to-head meetings between the two players.
The two NBA icons embraced at the buzzer before swapping jerseys in a mutual show of respect.
"It's bitter sweet man," said James. "A lot of emotions for me right now, just knowing that I'm losing a brother in this game that I've had so many wars against, so many wars together.
"There's no better way to end it than here at the Staples Center. We're going to miss him in this league. That's for sure."
Wade paid an emotional tribute to James. "It's tough," he said. "This is what you play for, playing against one of the greatest players ever.
"Whether we were teammates or whether we were opponents, we brought the best out of each other. I'm just so grateful to have been drafted at the same time as this guy.
"The friendship we have is beyond basketball. But I'm going to miss the shit out of this."
The win saw the Lakers improve to 17-10 in the Western Conference and was another sign that James's arrival is starting to bear fruit.