Chicago played without its top two scorers, Ben Gordon (wrist) and Luol Deng (Achilles' tendinitis).
The Bobcats used a 15-4 run late in the fourth quarter to pull away. Leading 68-64, Okafor started the run for Charlotte with a three-point play and Wallace extended the lead to 83-68 on a jumper. Okafor shot 10-for-13 and blocked four shots, including a highlight block on rookie Joakim Noah in the first half.
Andres Nocioni scored 25 points for the Bulls, who have lost five of their last eight games.
Wallace's layup broke a 14-all tie and started an 11-0 Charlotte run late in the first quarter. Jeff McInnis' runner gave them a 25-14 lead early in the second quarter and the Bobcats led the rest of the way.
The Bobcats led 45-34 at the half. Okafor had 12 points and 12 rebounds in the half and Wallace added 10 points.
Matt Carroll scored 12 points and was 3-for-4 from 3-point range for the Bobcats and Nazr Mohammed added 11 points.
Thabo Sefolosha scored 13 points for Chicago on 6-of-16 shooting as the Bulls shot 37 percent as a team.
Gordon was injured Monday during a 104-90 loss at Memphis. He hopes to play Sunday against the Phoenix Suns. Deng, second on the team at 17.9 points per game, is expected to miss one to three weeks.
Notes: Okafor had his third consecutive double-double. ... Bulls G Chris Duhon played after missing two games with a sprained knee. ... The Bulls sold out for the 70th consecutive time. ... Hinrich finished with 14 points and eight assists.
