Lahiri with a final round of 75 totalled four-under 280 and finished in a tie for 10th place.
Lahiri dropped no less than three bogeys and a double bogey in his five-over 41 for the front nine. Birdies on 15th and 18th just about ensured a top-10 for Lahiri.
Rahil Gangjee also suffered a setback on the final with five-over 76 that saw him drop to tied 47th.
Having come close with three top-three finishes since the Queen's Cup made its debut on the Asian Tour in 2009, Prayad by closing with a eagle to win with a final round four-under-par 67.
Arnond applied the pressure on Prayad by firing two birdies in his last three holes but it was not enough to catch the 47-year-old veteran who signed off with a four-day total of 14-under-par 270.