Quiros had a seven-shot lead at one stage in the final round, but then started to give away strokes left and right, allowing Lombard to close the gap.
"It's a odd feeling because obviously I'm very happy", Quiros told Sky Sports.
"It's a victory and means a lot of things, but unfortunately I didn't really like how I finished the round".
Despite being in fine form in Sicily, cementing his place as second and third round leader, he was far from happy with his efforts on Saturday.
"Obviously it shouldn't be like that but at the end it's a victory and that's the most important thing", he told the European Tour. I was a little bit exhausted on the last seven or eight holes.
Six-time European Tour victor Alvaro Quiros rounded off a stunning return to form in the opening two days of the Rocco Forte Open - Verdura, Sicily with four closing birdies to take a two-shot lead into the weekend.
Hoey enjoyed an excellent bogey free round around the Verdura, Sicily course, getting five birdies each on the front and back nines.
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China's Li Haotong finished a shot out of a playoff at 13-under after a closing 66 that included an albatross at the par-5 12th hole, a shot clear of Spaniard Pep Angles.
That proved to be unnecessary as Lombard chipped to within inches of the hole to save par on the last, before Quiros holed from 10 feet after splashing out of a greenside bunker.
They parred the first playoff hole and appeared set to do the same on the second extra hole, but the South African agonizingly missed a short putt to allow the Spaniard to tap home for the win.
Lombard said: "I'm very happy with how I kept myself in contention and all the best for Alvaro".
"It kind of helped me to keep going, I didn't feel like it stopped me".
The flagship event of the European Tour season, the BMW PGA at Wentworth, has arrived.
"I suppose winning isn't everything but I can't complain, losing in a play-off - it's anybody's game with this wind".