Iyer, who led Kolkata Knight Riders to the title last year, smacked nine sixes and five fours as he anchored Punjab to 5-243, with Shashank Singh hammering 44 not out off just 16 balls.
Marcus Stoinis also weighed in with a quickfire 20 (15 balls) before being dismissed going for a reverse sweep.
Gujarat ran out of steam in the death overs to finish at 5-232 despite Sai Sudharsan (74) and Jos Buttler (54) keeping them in the hunt at their home ground.
Stoinis was less successful with the ball, his two overs going for 31 while fellow Australian Glenn Maxwell followed a first-ball duck - which he could have avoided had he reviewed the lbw decision - by seeing his two overs disappear for 26.Â
But the spinner did take a crucial wicket. Shubman Gill and left-hander Sudharsan scored at more than 12-an-over in the powerplay before Maxwell broke the stand when he found the leading edge of Gill's bat off his fifth ball.
Sudharsan kept going at a healthy rate and smashed six sixes and five boundaries as he added further 84 runs off just 40 balls with Buttler.
Iyer's ploy to bring back his ace fast bowler Arshdeep Singh paid off in the 13th over when Sudharsan timed the ball well on the leg side but found the fielder in the outfield.
Sherfane Rutherford made 46 off 28 balls before Arshdeep had the West Indian left-hander bowled through an inside edge in the final over to seal the game.
Punjab opener Priyansh Arya made a brisk 47 off 23 balls and dominated the powerplay before Iyer showed his intent of scoring big when he hit his fourth ball for a six after he came to bat at No. 3.
Iyer hit Sai Kishore and Rashid Khan for two sixes each. He and Shashank exploded in the final 28 balls.
Iyer smacked fast bowler Prasidh Krishna for 24 runs that included three sixes and a boundary in the 17th over and Shashank followed it up with 20 runs to ruin Rashid's final figures.
Iyer was in sight of a century, but couldn't find the strike in the final over as Shashank smashed five fours off the 20th over from Muhammed Siraj.
