Marquez, who was beaten for the first time this season at the Czech Republic Grand Prix earlier in August, claimed his 11th victory from 12 races on Sunday at Silverstone, becoming the first rider to rack up that amount of wins in a season since Valentino Rossi in 2005.
However, the defending world champion was pushed all the way by fellow Spaniard Lorenzo, with the duo evoking memories of last season's enthralling title battle that saw Marquez win the crown in his rookie season by four points.
Having started the race on pole, Marquez lost the lead at the start as Lorenzo nipped down the inside of Copse corner.
Movistar Yamaha's Lorenzo controlled the majority of the race but was eagerly pursued by a determined Marquez.
Repsol Honda rider Marquez regained the lead with seven laps remaining, only for Lorenzo to execute an overtaking manoeuvre on the very next lap to retake control.
Yet Marquez's quality finally shone through with three laps to go, the 21-year-old racing clear on the Wellington straight following a nerve-jangling fight for position that saw the pair make contact on two occasions in a tight sequence of corners.
From there Lorenzo was unable to recover and had to settle for second, with team-mate Rossi rounding off the top three after holding off Dani Pedrosa (Repsol Honda) for the final spot on the rostrum.
Marquez now leads Pedrosa by 89 points at the top of the world championship, with Rossi 10 points further back.
Andrea Dovizioso (Ducati) was fifth, while GO&FUN Honda Gresini rider Scott Redding finished as the best-placed Brit in 10th place.