Barranger fired a final-round 7-under-par 65 to edge Bo Van Pelt (66) by a shot.
Chris Smith initially set the scoring mark by finishing at 26-under-par in the 1997 Omaha Classic. Smiths aggregate total of 258 is still a record. He won his Omaha title at the par-71 Champions Club.
Barranger held a share of the lead following each round at The Golf Club at Yankee Trace in Centerville, Ohio.
He started Sundays final round tied with Van Pelt at 19-under. However, Van Pelt took the early advantage with an eagle at the par-5 1st.
The two were deadlocked through 10 holes, but Barranger birdied the par-4 11th to take sole possession of the lead for good.
A birdie at the par-5 12th moved Barranger to 26-under for the tournament, where he remained until a bogey at the par-4 17th. The 32-year-old recorded his 27th birdie of the event at the 18th to tie the scoring record.
Barranger was diagnosed with testicular cancer and 1995 and underwent surgery in 96. He played full time on the Buy.Com Tour in 1997, but finished 135th in earnings. This is his first full season since.
Barranger pocketed $76,500 for his maiden victory. He moves to 12th on the 2001 money list.
Heath Slocum (66) finished in third place; that combined with his victory in last weeks Greater Cleveland Open has him to fifth on the money list.
Full-field scores from the Buy.Com Dayton Open