Winning the toss and electing to bat, the Laguna openers went about establishing a solid partnership to set up what would prove to be a very competitive total.
They moved to 71 without loss before Damian Clowes (22) found Steven Hill off the bowling of Neil Culpan.
Fellow opener Val Guirard (33) fell off the next over to hand Lizards an avenue back into the game, and when Shane Gleeson (1) was clean bowled by Culpan in the 13th over, Laguna were looking shaky.
But powerful innings from Andrew Cole (61 off 58 balls) and Mario Piazza (33 off 32), and a particularly spirit crushing performance from Stuart Reading (60 off 33), meant Laguna charged through their overs to set an imposing total of 9-319.
Armstrong copped the worst punishment of the Lizards bowlers, being belted for 72 off his eight overs, while Nifty Catts was the best performer with 3-46 off eight.
With an asking run rate of almost eight an over, it was always going to be a difficult task for Lizards to get across the line.
Their chase started poorly, losing opener Blake (0) to the bowling of Val Guirard in the second over. Ian Lenton (25) and David Kelleway (48) combined to carry the score to 53 until Lenton fell in the 12th.
Aside from Nifty Catts (18) and Armstrong (22), none of the other Lizards batsmen really troubled the scorers, and they were eventually bowled out for 175 in the 35th over.
Val Guirard turned in his best figures of the season with the ball, taking 3-14 off eight overs. Sharukh Khan also shared in the carnage, taking 3-43 off his eight.
The win carries Laguna to the top of the table with just four matches remaining in the Island Furniture League season.