The Red Imps' hopes of automatic promotion took a blow in a game of missed chances, although they remain comfortably within the play-off zone - a position that Cheltenham would gladly swap with them.
Cheltenham had not scored for two matches going into the fixture, although they were able to welcome back loan signing Steven Gillespie for a second spell from Bristol City.
The former Liverpool trainee has quickly become a favourite with the Whaddon Road fans and he had a big role to play in the only goal of the game after 63 minutes.
It was Gillespie's charging run down the middle of the pitch and into the penalty area, taking him between two defenders, that resulted in Lincoln goalkeeper Alan Marriott having to race off his line.
Marriott saved bravely at the striker's feet, although the ball ran kindly for Steve Guinan to ram home his seventh goal of the season.
The first half proved a fairly even affair with both sides squandering chances to score.
Guinan missed a sitter in the first minute when he scooped a shot over the bar from a Martin Devaney cross; before Gillespie dragged a shot wide after a neat exchange of passes with his striking partner.
With both sides committed to attack the game proved an open contest. Simon Yeo had Lincoln's best chance of the first half but blasted it over the crossbar from the edge of the area.
Cheltenham began the second half strongly and Gillespie had two chances to score. He got clean through but showed too much of the ball to Marriott and then sent a diving header wide after some trickery and a good cross from Devaney.
Lincoln came back strongly in the closing stages and 19-goal striker Yeo missed a golden opportunity to level the scores with five minutes left. Cheltenham midfielder Grant McCann set him up with a lunatic back-pass but goalkeeper Shane Higgs raced off his line and was able to get his legs in the way of the eventual shot.
Higgs saved again from a Kevin Sandwith free-kick before Devaney missed a chance to double the lead for the home side when he blazed over the bar from a good position deep into injury time.
The result leaves Town two points outside the play-off zone while Lincoln drop back to five points short of the automatic promotion positions.