Elder, who won for the third time on the Nationwide Tour, completed his four- stroke win at 19-under-par 265. Elder's four-shot win was the largest in event history.
'I enjoy being here. I grew up in Tulsa, so this is nearby,' said Elder, who collected $90,000 for the win. 'It's a great golf course. It really fits my eye. The people and the fans make it a fun tournament.'
Fabian Gomez also shot 65 to take second place at minus-15. David Hearn (67), Vance Veazey (70), Stephen Gangluff (67) and Miguel Carballo (67) shared third place at 14-under-par 270.
Third-round leader Michael Walton, who was looking for his first tour win, struggled to a two-over 73. That dropped him into a tie 13th at minus-12.
Elder opened with a birdie on the first and carded another at the sixth to move to 15-under and into a share of the lead on the North Course at Crestview Country Club.
The 32-year-old remained at 15-under as he parred the next six holes. He dropped a shot on the par-4 13th, but bounced back in stunning fashion.
Elder converted an eagle on the par-5 14th and moved two strokes clear of the field as he birdie No. 15.
After a par on 16, Elder pulled away from the field as he birdied the final two holes to win by four.
'I finished great. I got it done when I needed to,' Elder stated. 'I'll keep that finish in my mind. That is what I will remember about this tournament. I had some luck today and that helps you win as well.'
Gomez, who played nine groups ahead of Elder, flew up the leaderboard with three birdies in a row from the second. He parred the next four before birdies on three of the next six holes got him to 15-under. Gomez parred the last four to take second.
Kris Blanks closed with a 4-under 67 to finish at 13-under-par 271. He was joined in seventh place by Keoke Cotner, 2004 champion Bradley Hughes, 2003 winner Jeff Klauk, David McKenzie and Martin Laird.