Dani Cuesta and his wife were detained in Singapore almost three weeks ago after Cuesta reportedly held up anti-Lim signs.
Valencia fans have been protesting Lim's management of their club for years.
The millionaire businessman bought Valencia in 2014 but supporters have been angered by what they feel is his absentee ownership, and thousands rallied outside Mestalla Stadium before the game.
Thousands more returned after a defeat that left Valencia bottom of Spain's top division with just one win in 10 matches.
The game started well for the home side with Pepelu putting Valencia ahead from the penalty spot after 14 minutes.
But Alex Munoz equalised for Las Palmas three minutes before halftime and on-loan Wolverhampton Wanderers striker Fabio Silva put the visitors 2-1 ahead seven minutes into the second period.
Pepelu was sent off for an off-the-ball incident after 69 minutes and Alberto Moleiro added a third for Las Palmas soon after.
Cesar Tarrega got a goal back in added time for Valencia but it was too little too late and Las Palmas celebrated a surprise first win this season, and first in La Liga since February.
The victory lifted them to six points, above Valencia on goal difference and off the bottom of the table.
Barcelona lead the way on 27 points, with Real Madrid (24) and Atletico Madrid (20) close behind.
