Team Melli was defeated against Lebanon 81-73 in Group P.
Mohammad Amini led Iran with 22 points, while Arkaji Wael scored 21 points for Lebanon.
Iran had lost to France 82-55 in the pool.
Hakan Demir’s side started the campaign with a 100-59 defeat to Brazil in the Preliminary Stage and also lost to Ivory Coast (71-69) and Spain (85-65).
Japan advanced to the 2024 Paris Olympic Games as the best Asian team, while Lebanon, the second-best team, will participate in one of four Olympic Qualifying Tournaments (OQT) next year.