The final match took place at Suzhou Sports Center, in Suzhou, China.
Team Melli had already suffered a 68-64 loss to Chinese team in its opening match.
Lithuania defeated US Vocational Wing 81-76 in the bronze medal match.
The tournament brought a total of eight teams together in Suzhou, China, from July 27 to August 1.
The 2015 International Basketball Challenge is the inaugural edition of the Challenge which is planned to be an annual event.
Iran is preparing for the 2015 FIBA Asia Championship which will be held in Wuhan, China, from September 23 to October 3.