Derrick Spencer missed the eighth penalty in the shoot-out for Wits while Sithembiso Ngcobo scored to win the title for Chiefs.
Early in the first-half Lehlohonolo Majoro came close for Chiefs but shot wide with only keeper Energy Murambadoro to beat.
In the 14th minute Wits nearly scored when Luyolo Mapolisa’s shot was saved by Arthur Bartman.
Bernard Parker had a chance to score but his diving header missed the target after 30 minutes.
In the 54th minute Stanton Fredericks’ shot was well saved by Bartman who was in good form in goal..
Ngcobo turned the Wits defence in the 62nd minute and fired on target but his shot was blocked for a corner.
Wits could have won the match in injury time but Fredericks rushed his shot and it flew wide of the goal.
Wits: Tim (scores), Chapman (scores), Papy (scores), Jayiya (scores), Fredericks (scores), Mngomezulu (scores), Spencer (Missed)
Chiefs: Nale (scores), Masango (scores), Jambo (scores), Zvasiya (scores), Katsande (scores), Baloyi (scores), Ngcobo (scores)
Chiefs: Bartman, Moleko, Jambo, Mathoho (Zvasiya 36), Mashamaite, Letsholonyane (Baloyi 33), Katsande, Parker (Ngcobo 36), Majoro (Motaung 33) (Hlongwa 70), Masango, Lebese (Nale 46)
Substitutes: Khuzwayo, Baloyi, Motaung, Nale, Zvasiya, Ngcobo, Dladla, Nkosi
Wits: Murambadoro, Gumede, Timm, Thupola, Koapeng, Mukhamba (Papy 78), Mapolisa, Mngomezulu, Nato, Sweswe (Spencer 67), Fredericks
Substitutes: Hoffman, Pule, Jayiya, Chapman, Papy, Spencer, Mokoena