C.J. Harris scored 23 points to spark Wake Forest in the upset.
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The Demon Deacons used a 26-8 tear near the end of the first half to take a 19-point lead over the Hurricanes with a minute left before the break. Only a 6-0 run during the final minute of the half kept the game from being completely out of hand when the teams went into the locker room.
Miami used that momentum to pull to within five points of Wake Forest with 12 and a half minutes remaining in the game, but the Demon Deacons embarked on a 12-0 run over the next five minutes to stretch their lead to 17 before eventually ending the Hurricanes' undefeated run in conference play.
Miami (22-4, 14-1 ACC) will return home to face Virginia Tech on Wednesday before a showdown at No. 6 Duke next weekend.
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