Having gone 8-2 since Fraser became caretaker coach after Michael Voss was sacked, the Blues ended Brisbane's seven-game winning streak in remarkable fashion on Saturday night.
Leading by four points after a high-scoring opening quarter, the Blues powered away during an exhilarating second term burst to shock the reigning AFL premiers.
Carlton kept scoring as they pleased with six goals in every quarter of the match, the Lions' defensive structure shaken to its core, winning 24.10 (154) to 11.12 (78)
Although dual Brownlow medallist Patrick Cripps was quiet in his 250th game, other Blues more than picked up the slack.
Rising Star favourite Jagga Smith had arguably the most impactful match of his young career, gathering 29 possessions, having six clearances and kicking two goals coming up against the star-studded Lions midfield.
Wayward in front of goal in recent weeks, Brodie Kemp kicked an equal career-high five majors and missed an opportunity late for a sixth.
Another young Blues star, Harry Dean, provided the highlight of the night when he slotted the first goal of his AFL career.
The defender charged forward and snapped a goal on the run, celebrating with the crowd like he had kicked the matchwinner.
It encapsulated a perfect night for Carlton, who jumped up into 10th and sitting in a wildcard position at the end of the round.
Fraser, who declared he had no interest in applying to be Carlton's full-time coach, will almost certainly go into the process to find the club's new leader in the next fortnight.
"There were still moments in the game where I thought we probably left some chances out there and maybe didn't quite defend the way we wanted to," an understated Fraser said.
"But it's an imperfect game.
"You're trying to chase consistency, and the best teams will challenge you."
But in a horror showing as they strive for a three-peat, Brisbane were rattled down back in the absence of Ty Gallop, who received a three-game suspension.
The Lions opted to swing Eric Hipwood to defence and bring in forward Oscar Allen for his first AFL game since hurting his foot in round seven.
One of the best defensive teams in the league during the last seven weeks, Brisbane gave up their second highest score since Chris Fagan's first season as coach back in 2017 when the Lions claimed the wooden spoon.
The only bigger total the Lions have conceded in the last nine seasons was the 166 GWS kicked against them during a record-breaking day in May.
In his first AFL game since round 12, luckless defender Keidean Coleman suffered a concussion in the second quarter and played no further part in the match.
Dual premiership veteran Ryan Lester also went off with a shoulder injury in the third quarter.
In the most concerning blow, Lions star Hugh McCluggage will have scans on a possible third calf injury of the season.
McCluggage has only returned to form following the last setback that sidelined him for six weeks.
Star young forward Logan Morris also failed to finish the match due to soreness.
"Carlton are a good side: if you do a ladder of the last 11 weeks, they're second, and we knew coming into the game that they'd be hard to beat," Lions coach Chris Fagan said.
"They played at a high level of intensity, and we were off the boil from where we've been over the past few weeks."
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