The record had been set by Claudio Pizarro with 195 Bundesliga goals.
The 40-year-old Werder Bremen striker was last on target in his side's 1-1 draw with Hertha Berlin on February 16 and he missed the chance to pull clear of Lewandowski during Friday's 4-2 win over Schalke.
That gave the opportunity to the Bayern forward to move ahead as he lined up against Wolfsburg, with Lewandowski scoring his side's second of the game after Serge Gnabry had put them in front.
Of his total of 196 Bundesliga goals, the 30-year-old has scored 122 of them for Bayern, while the other 74 came during his spell with Borussia Dortmund between 2010 and 2014.
Lewandowski and Pizarro are way out in front as the Bundesliga's highest foreign scorers, with Brazilian Giovane Elber some way behind in third spot with a total of 133 goals.
Poland international Lewandowski is currently the top scorer in the Bundesliga in 2018-19 having scored 16 goals this season.
He did, however, only net once in February across all competitions but has got back into the groove in March with two goals in the 5-1 win over Borussia Monchengladbach having been followed up with his effort against Wolfsburg.
Niko Kovac will be hoping he continues to bang in the goals as we approach what will be the last 11 games of the Bundesliga season.
Prior to kick-off on Saturday, Bayern were level on points with Dortmund at the top of the table having clawed their way back into the title race after trailing by six points heading into the winter break.
And they're in the DFB Pokal quarter-final too, where they'll face 2. Bundsliga side Heidenheim as they look to win the competition for the first time since the 2015-16 season.