Matthew Rusike and Tsepo Masilela made their first appearances in Amakhosi colours, while Boebie Solomons sat on the Siwelele bench in the absence of coach Clinton Larsen.
The home team deserved to win and created many chances during the match, with Lyle Lakay and Danny Venter always a menace on the left and right flanks respectively.
Amakhosi took the lead in the 20th minute via the boot of Kaizer Motaung Jnr, after a well laid pass by Siyabonga Nkosi inside the 18 area.
However, Celtic did well to find the equaliser through Jacky Motshegwa and the match went into half-time at 1-1.
Stuart Baxter made a few changes at the start of second half, introducing Rusike, Tumi Moshobane and Lehlohonolo Majoro, but it was their former player Brent Lawler who came back to haunt the Amakhosi faithful when he headed Lakay's corner into the net in the 49th minute.
While Chiefs was still trying to recover from the goal, Venter added a third for Phunya Sele Sele after another brilliant cross from Lakay on the left.
Soon after scoring the third, Celtic were caught napping and gave Amakhosi a chance to bounce back, with Moshobane and Rusike scoring two quick-fire goals, in the 60th and 62nd minutes, to open up the game.
However, Siwelele had the last laugh when defender Auguston Leonard converted a penalty, after Nkosi handled the ball inside the 18 area in the 75th minute, and Celtic will to keep the trophy in the Free State this year.
Kaizer Chiefs: Brilliant Khuzwayo, Kgotso Moleko, Tsepo Masilela, Josta Dladla, Keagan Ritchie, Lucky Baloyi, Sthembiso Ngcobo, Kaizer Motaung Jnr, Siyabonga Nkosi, Mandla Masango, Willard Katsande.
Bloemfontein Celtic: Dino Visser, Danny Venter, Auguston Leonard, Brent Lawler, Itumeleng Duiker, Siyabonga Nontshinga, Lyle Lakay, Tumelo Mogapi, Jacky Motshegwa, Vuyani Natanga, Johannes Motlhaping.
Goals: Kaizer Motaung Junior (Chiefs 19'), Jacky Motshegwa (Celtic 36'), Brent Lawler (Celtic 49'), Danny Venter (Celtic 52'), Tumi Moshobane (Chiefs 60'), Matthew Rusike (Chiefs 62'), Auguston Leonard (Celtic 77').