The Scots in the crowd ramped up the noise at the start of the eighth but Lopez was now beginning to take control.
"The Takeover" started to showboat, dancing in the centre of the ring, and when Taylor took the bait and lunged in, Lopez snapped his head back with a straight left.
There were question marks around Lopez' state of mind coming into this fight after lacklustre recent performances and on-going personal issues outside the ring, but here he was re-emerging as the star he was tipped to be.
Lopez was now beating Taylor to the punch in almost every exchange and a short right landed on the button in the ninth and sent the champion stumbling towards the ropes.
After 15 months out the ring, Taylor seemed to be feeling the pace and, by the 10th, his shots were lacking their usual snap.
Lopez seemed to be able to see them coming, though Taylor continued to look for the one that would change the dynamic. The meaningful shots were all one-way, though, and the Scot walked onto a right uppercut and ate a huge right hook.
Only a knockout was going to save Taylor going into the final round, but Lopez looked the more likely to find the fight-ending shot, a razor-sharp left buckling the Scot's legs.
The home crowd were baying for the knockout but, while Lopez finished with a flourish, Taylor survived to hear the final bell. His status as world champion would not, though.
"Josh Taylor is a tough dude. I can see why he beat so many fighters. But I think I did enough," said Lopez. "I've just got to ask you one thing, and one thing only. Do I still got it?"
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