Detroit Pistons (2004–2009)
Wallace was again traded, in a deal that saw him go from the Hawks along with guard Mike James from the Celtics to the Detroit Pistons. In turn, Detroit sent guards Chucky Atkins, Lindsey Hunter and a first-round draft pick to Boston and guard Bob Sura, center Željko Rebrača and a first-round draft pick to Atlanta. Boston also sent forward Chris Mills to Atlanta to complete the deal.
On February 23, 2004, in his first road game with the Pistons, Wallace recorded 10 points, 11 rebounds and 4 blocks in a 76–66 win over the Philadelphia 76ers.
After falling behind against the Indiana Pacers in the 2004 Eastern Conference Finals, he stated boldly in an interview that, "We will win Game 2," a promise he helped fulfill.
In Game 4 of the 2004 NBA Finals, Wallace recorded 26 points, 13 rebounds and 2 assists in an 88–80 win over the Los Angeles Lakers. The Detroit Pistons were up 3–1 in that occasion. Wallace helped the Pistons win an unexpected NBA title, beating the heavily favored Lakers four games to one. After the championship season, he paid for replica WWE World Heavyweight Championship belts to be made for each of his teammates and presented them as gifts when the 2004–05 regular season started.
In the off-season following the Pistons' championship win, Wallace signed a five-year, $57 million contract to remain with Detroit. He also changed the number of his jersey from #30 to #36.
Throughout the 2004–05 season, Wallace often carried the belt into his locker before games to inspire the Pistons' title defense. However, early in the season, the Pistons had a fight with the Indiana Pacers, which resulted into several suspensions for players putting the team into a temporary setback.
Several months later, he had several notable moments in the playoffs. After the second-round elimination of the Pacers, Wallace played his best series of the postseason in the Eastern Conference finals against the top-seeded Miami Heat. After falling behind again, he again "guaranteed success". He shot a 50% field goal percentage and averaged 14.5 points per game in the series' seven games, and saved his hottest-shooting night to help the Pistons beat the Heat 88–82 in Game 7 on the road in Miami. Against the San Antonio Spurs in the NBA Finals, Wallace was criticized for leaving Robert Horry open for the game-winning three-pointer in Game 5. Wallace's defense and clutch shooting helped the Pistons to split the series 3–3, but in the final game, the Pistons lost 81–74.
In the 2005–06 season, he helped lead them to a 64–18 record, and the top seed in the Eastern Conference for the playoffs. The Pistons beat the Milwaukee Bucks, 4–1 in the first round and then beat the Cleveland Cavaliers 4–3 in the second round of the playoffs. In the Eastern Conference Finals, the Pistons played the Heat in a rematch of the previous year's Conference Finals. The Pistons lost in six games to the Miami Heat, who went on to capture their first NBA title.
On March 26, 2007, in a game against the Denver Nuggets, Wallace threw up a 60-foot shot off a stolen inbound pass with 1.5 seconds remaining and banked it in from just behind halfcourt to force overtime letting out a huge roar from what was left of the Palace crowd. The Pistons went on to win the game, 113–109.
On June 2, 2007, Wallace fouled out of Game 6 of the Eastern Conference Finals after committing a foul on LeBron James and then received two technical fouls, resulting in an automatic ejection, for arguing with a referee.
Prior to the 2007–08 NBA season, the Pistons would not re-sign Chris Webber, and putting Antonio McDyess as a starting power forward, put Wallace at center. On February 10, 2008, it was announced that Wallace would be replacing Boston Celtics' injured forward Kevin Garnett in the 2008 NBA All-Star Game in New Orleans. The decision was made by NBA commissioner David Stern. This was Wallace's fourth All-Star appearance.
In the 2008 Eastern Conference Finals, the Pistons played Garnett and the Celtics. This marked the sixth consecutive time that the Pistons had made it to this point, and five times they had gotten there with Wallace in the lineup. Still, Detroit lost a third consecutive year in the Conference Finals, losing to Boston 4–2 as Wallace played poorly. After the game, Wallace reportedly told reporters, without taking any questions, "It's over, man", perhaps indicating that Pistons' General Manager Joe Dumars would break up the core of the team following the defeat. He changed his number from 36 back to his original 30, perhaps to change his and the team's fortunes, but sure enough, Dumars did indeed break up the core: at the beginning of the 2008–09 season, Dumars traded longtime starting point guard and 2004 Finals MVP Chauncey Billups to Denver. It was to be Wallace's last year with the team; after the season came to a close, Wallace and the Pistons decided to part ways.