The Heat's title defence is now all but in tatters with the two straight losses starting on Saturday when the Hobart Hurricanes won after chasing down a record BBL score, and then the Renegades set the tournament's highest ever first innings score on Monday night.
It was an important win for the Renegades as well following two losses to open the season and it was set up by 81 from Aaron Finch, 61 from Jos Buttler and then a not out 36 from Ben Rohrer as they scored an imposing 3-210 from 20 overs.
The Heat were then never in the run chase from the outset and ended up bowled out for a disappointing 153 with James Pattinson picking up three wickets on his return to top-level cricket for the Renegades following an extended injury lay-off.
The Heat bowlers were still a little gun shy after being unable to defend 209 against Hobart at home on Saturday so Renegades skipper Finch had no trouble deciding to bat first at Etihad when he won the toss.
Test squad addition Alex Doolan wasn’t able to impress while opening the batting for the Renegades making just 13 before falling to a poor shot off the bowling of Dan Christian with the score 1-34.
However, that proved to be good news for the Renegades with Finch joined at the crease by Englishman Buttler for his last knock of the tournament before joining England's limited overs squad.
Finch and Buttler put on a massive 108-run stand from just 64 balls with Finch ensuring Heat off-spinner Nathan Hauritz didn’t settle hammering him for two sixes and he also took 16 from eight balls off Ben Cutting on his way to a brilliant 81.
Buttler also caught fire with some outstanding hitting on his way to 61 from just 36 balls with four sixes and three boundaries before falling to a brilliant one-handed overhead catch in the deep to Peter Forrest off the bowling of Daniel Vettori.
The Renegades were then 2-142 and then 3-158 when Finch fell for 81 from just 51 balls with seven fours and three sixes.
However, the Renegades went up yet another gear in the finals overs largely thanks to Rohrer.
Alister McDermott had bowled a good first three overs but the 19th over of the innings proved disastrous from the son of great Australian fast bowler and current Test bowling coach Craig.
He bowled consecutive no-balls when the deliveries were adjudged to be over waist height with Rohrer hitting both for six for the Renegades and the back-to-back no balls meaning McDermott had to be removed from the attack.
Cutting then came in to finish the over and he also went the journey over square-leg courtesy of Rohrer with the Renegades hammering 28 runs off that over to be 3-196 with an over to go in the innings.
Rohrer then nailed 11 runs off the last three balls of Cameron Gannon's final over of the innings as he finished 36 not out from 11 balls as the Renegades scored 3-210 equalling the highest ever BBL score that the Hurricanes made back on Saturday with an incredible win over the Heat at the Gabba.
Christian took 2-43 from four overs for the Heat with Vettori the pick of the bowlers by far with 1-20 from four.
Gannon went for 0-43 from four, McDermott 0-34 from 3.3, Hauritz 0-18 from one and Cutting 0-51 from 3.3.
It was a massive task for Brisbane to try to set another BBL record to chase down the total but having scored 3-209 on Saturday night they deserved to go in with a degree of confidence.
However, there was none of that on display right from the outset with Luke Pomersbach getting terribly bogged down against the spinners and then Englishman Craig Kieswetter fell for just 10 to Pattinson in the fourth over with the score 1-23.
Pomersbach's pain-staking innings eventually ended when he was bowled by Aaron O'Brien for 21 from 30 deliveries and the wickets continues to consistently fall for the Heat, and the runs failed to come at all quickly enough.
Joe Burns tried to get things moving making 36 and Cutting hit five sixes on his way to 40 from just 19 balls, but it was all in vein as the Heat were bowled out for 153 in the last over with four balls still remaining.
It was a good performance from the Renegades bowlers led by 3-36 from the returning Pattinson.
O'Brien finished with 2-26 from four overs, Nathan Rimmington 2-24 from 3.2, Muttiah Muralitharan 1-29 from four, Andrew Fekete 0-21 from two, Tom Cooper 0-3 from one and Finch 0-13 from one.
The Big Bash League continues now on New Year's Eve with the Adelaide Strikers hosting the Perth Scorchers at the Adelaide Oval.