The four finished regulation tied at 13-under-par 271 and headed to the par-5 18th at the TPC at Wakefield Plantation for the sudden-death playoff.
On the eighth playoff hole, it was down to Anderson and Jones. Anderson landed in a greenside bunker with his approach while Jones reached the green, albeit 50 feet from the hole. Anderson blasted out to 20 feet and Jones lagged his birdie putt to 5 feet. Anderson rolled home the par putt and Jones missed his to give Anderson his first win on the Nationwide Tour.
'It was long, it was tiring,' said Anderson, who collected $94,500 for the victory. 'It just goes back and forth. It just came down to one shot and I made a great putt.'
Anderson posted a 3-under 68 in Sunday's final round. Buha made up the most ground with a 6-under 65 and Gow managed a 1-under-par 70. Jones, the overnight leader, struggled to a 2-over 73.
The eight-hole playoff tied for the second longest in Nationwide Tour history. Tom Lehman took eight holes to polish off John Wilson and Tim Straub at the 1991 Mississippi Gulf Golf Classic but Eric Booker needed nine holes to defeat Notah Begay III at the 1998 Lehigh Valley Open.
The four participants in the playoff also tied the Nationwide Tour record for most players in an extra session. Sunday's playoff was the seventh time four players battled in sudden death.
At the first playoff hole, Buha missed a 20-footer for birdie and Gow missed a tap-in birdie putt. Anderson holed a 4-footer for birdie and Jones sank a 6-footer to match him and the two moved on to the next playoff hole without Buha and Gow.
The duo halved the next three playoff holes with relative ease but Jones found trouble at the fifth extra hole, which was the par-4 10th. Jones drove into a fairway bunker and had to lay up short of the green. Anderson landed in the fairway off the tee but hit his second into a greenside bunker. Jones nearly holed his third and tapped in for par while Anderson blasted out to 10 feet. Anderson made the clutch par save to extend the playoff.
The pair made routine pars at the sixth playoff hole but Jones once again was in trouble at the seventh, No. 18. Jones drove into the trees and Anderson came to rest in the right rough. Anderson hit his second 100 yards short of the green while Jones was unable to get out of the trees with his second.
Jones got into the fairway with his third shot and played his fourth 15 feet from the hole on the fringe. Anderson's third stopped 20 feet from the cup and missed his birdie putt by 3 feet. Jones chipped-in for the unlikely par save and Anderson kicked in his par putt.
After the amazing way Jones extended the playoff, he seemed to have fate on his side but Anderson won the tournament on the very next hole.
'I could see him getting tired,' said Anderson. 'I know I was tired. I thought he had it, then I thought I had it, then I thought he had it. My putter saved me.'
'We both could have won it at different times before it got to that point,' said Jones. 'It's a long way to come, eight extra holes, to come up empty. It's disappointing to finish like that.'
Brett Wetterich posted a 1-under 70 on Sunday to take fifth place at minus-11. Franklin Langham carded a 2-under 69 and came in sixth at 10-under-par 274.
Scott Gutschewski (67) and Kyle Thompson (70) tied for seventh place at 9- under-par 275.