Dominique Buckley had a chance to tie the game at the buzzer for the Rockets (0-1), but his 3-point attempt rimmed out, making the Bobcats 3-0 for the first time since the 1986-87 season.
Brooks Ybarra scored 15 points and Reid Koenen 15 for Texas State.
Rian Pearson had 25 points to lead five players in double figures for Toledo. Julius Brown scored 17 points, Matt Smith 15, Ryan Majerle 11 and Reese Holliday 10.
Buckley hit a 3-pointer with 16.6 seconds left to get the Rockets within 93-91. Ybarra went 1 of 2 from the free-throw line to complete the scoring.