The game was still in the balance in the last few seconds as Marc Murphy ran towards the top of the Carlton 50m arc.
But a desperate tackle from Paddy Ryder brought Murphy down, created a turnover and saw the ball booted to the wing where it fittingly finished in the hands of Lloyd as the siren went.
The game was an absolute cracker, witnessed by 70,411 people who saw a 13-goal third term run for 35 minutes before the Bombers won 17.14 (116) to 16.16 (112).
Despite Lloyd's heroics, Brent Stanton was probably the best for the Bombers as he took on most of the Blues midfield during the match before finishing with 26 touches.
Angus Monfries, Andrew Lovett, Ryder and Jobe Watson – who had a very slow start – were all terrific for the winners.
Blues skipper Chris Judd was at his imperious best with 33 touches, Brendan Fevola kicked 4.7, while Murphy, Simon Wiggins, Jarrad Waite, Nick Stevens in his return from suspension were all good.
The first term was all Carlton – only poor kicking kept them from leading by more than the eventual 20 points. Three behinds – two to Fevola from tight angles – came before Jordan Russell and then Eddie Betts goaled.
Lloyd then took a good mark to pot his first of the season, but Fevola then marked in front of Darcy Daniher and converted, and Murphy took advantage of a terrific Wiggins mark.
Fevola then kicked the first of the second to take the lead to 27 points before Essendon found the go button.
Davey kicked the first, then Courtenay Dempsey the next two before Lucas missed one he should have got and Ryan Houlihan made them pay at the other end.
The Bombers then got another brace, the second a perfect tap from Hille to Watson in the corridor, before Fevola got one back.
But the Essendon old guard in Lucas and Lloyd got the last two of the term and the Bombers led for the first time as they turned with a two-point break.
Wiggins' second got the lead back for the Blues just 20 seconds in, but the old firm of Lloyd and Lucas kicked the next two before Lucas fed a handball to Hayden Skipworth and he dribbled it home to go to a 13-point lead.
Then it was the turn of the Blues to pile on – Betts a snap under huge pressure from 20m, then Houlihan levelled the scores before youngsters Grigg and Garlett regained the lead.
But then the pendulum swung again and Lloyd threaded one before he was given a free for front-on contact by Brett Thornton, which he slotted, and then Thornton pushed Davey to the ground and he added another without the ball being bounced.
Patty Ryder then added another before Wiggins got one back with two seconds remaining to get the deficit down to a goal.
The final term saw the sides swap goals before Essendon took the points.
Next week, the Blues have the Swans at the SCG on Saturday afternoon, while the Dons take on North Melbourne on Sunday at Docklands.
The views in this story are those of the author and not necessarily those of the clubs or the AFL.
CARLTON 4.6 7.10 13.13 16.16 (112)
ESSENDON 1.4 8.6 15.10 17.14 (116)
GOALS
Carlton: Fevola 4, Wiggins 2, Betts 2, Murphy 2, Houlihan 2, Grigg, Jacobs, Garlett, Russell
Essendon: Lloyd 5, Lucas 2, Davey 2, Stanton 2, Dempsey 2, Monfries, Jacobs, Skipworth, Ryder
BEST
Carlton: Judd, Murphy, Wiggins, Waite, Stevens, Fevola
Essendon: Stanton, Lloyd, Monfries, Lovett, Ryder, Watson
INJURIES
Carlton: Nil
Essendon: Nil
Reports:
Carlton: Nil
Essendon: David Hille reported by umpire Donlon for forceful head-high contact on Richard Hadley in the third quarter.
Umpires: Donlon, McLaren, Mollison
Official crowd: 70,411 at the MCG
