Khan's wiles helped bowl out Lucknow for a paltry 82 runs in less than 14 overs on Tuesday after Gujarat had scored 144-4 (20 overs).
Shubman Gill's fourth half-century this season also helped league leaders Titans to the 62-run success, their ninth win in 12 games in their maiden season.
Lucknow', whose four-match winning run was snapped, need to win one of their remaining two games to seal a playoff spot of their own.
Gujarat had opted to bat after winning the toss but opener Wriddhiman Saha (5) went early.
So did Aussie Matt Wade. He cracked his second and third balls for four but was dismissed for a seven-ball ten. When Hardik Pandya (11) was out Gujarat were 51-3.
But man of the match Gill held the innings together with an anchoring knock, scoring 63 not out off 49 balls, as Avesh Khan took 2-26.
David Miller (26) and Rahul Tewatia (22 not out) helped Gill take Gujarat to a defendable total. Lucknow then lost wickets quickly and cheaply.
Skipper Lokesh Rahul (8) was caught behind off Mohammed Shami (1-5). Yash Dhawal then struck twice in removing Quinton de Kock (11) and youngster Karan Sharma (4) as Lucknow struggled to 33-3.
Thereafter, it was the Rashid Khan show as the Afghanistan legspinner ran through Lucknow's middle and lower order.
First, he had Krunal Pandya (5) stumped. Later, Deepak Hooda (27) holed out in the 13th over, with Jason Holder trapped lbw for a first-ball duck.
In between, Australia's Marcus Stoinis was run out for two after being stranded by Hooda.
Lucknow lost its last seven wickets for 49 runs leading to the second-lowest score in the IPL season, after Royal Challengers Bangalore's 62 all out against Sunrisers Hyderabad.
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