Wanderers received a trophy and K9 million in cash prize for their win that saw coach Elia Kananji haunt his former employers, who sacked him a few weeks after helping them win the same trophy last season.
Wanderers started strongly with Kondwani Kumwenda winning a penalty in the 20th minute after he was brought down by Miracle Gabeya.
However, the lead was short-lived as Wanderers defended too deep and allowed their opponents back into the game.
Bullets star Jaffalie Chande rose the highest to head in Yamikani Fodya’s well-taken free-kick on the stroke of half time.
Wanderers continued from where they left off in the first half as Kumwenda restored the lead.
Bullets had their penalty appeal turned down after substitute striker Diverson Mlozi was brought down in the box by Stanley Sanudi.
The match ended 2-1 in favour of Wanderers in what was Bullets' first defeat this season.