Leipzig had stumbled in recent matches in the Bundesliga, losing three and drawing one of their four previous outings to slip down to sixth in the table, and were deprived of key players Naby Keita, Willi Orban and Emil Forsberg going into this game.
Yet Lookman, signed on loan from Everton until the end of the season, soon dispelled any doubts that the hosts would struggle against a Wolfsburg side desperate for points to avoid relegation. Starting in an attacking role in left midfield the 20-year-old, who recently said he was open to extending his stay in Leipzig, broke the deadlock in the 24th minute, converting Jean-Kevin Augustin's cross.
Timo Werner doubled the scoreline shortly afterwards, but when Daniel Didavi clawed a goal back for the visitors early in the second half, there was a danger Leipzig would crumble and throw their lead away.
Lookman had other ideas, however, restoring Leipzig's two-goal advantage just five minutes later, capitalising on a defensive error to break Wolfsburg's resolve and pave the way for what was ultimately a comfortable 4-1 victory.
It was the Englishman's first ever Bundesliga brace and took his tally for the season to four goals (with two assists) in just ten top-flight outings in Germany.
Furthermore, his efforts in securing the triumph, coupled with defeats for fellow Champions League hopefuls Borussia Dortmund and Hoffenheim - with Bayer Leverkusen also drawing away to Werder Bremen - means sixth-placed Leipzig still have a mathematical chance of squeezing into the top four in the final found of fixtures next week.
Leipzig must beat Hertha Berlin away and hope both Leverkusen and Hoffenheim lose in order to finish fourth, while they need at least a point to be sure of a UEFA Europa League berth given that Eintracht Frankfurt and VfB Stuttgart are hot on their heels. Yet with Lookman in this kind of form, Leipzig fans need not worry.