Defending champion Americain started a 5-1 favorite on Tuesday but carried 3.5 kilograms more than last year as a 58 kilogram topweight and finished a game fourth after an interupted run.
The German import Lucas Cranach, now owned and trained in Australia, finished third as international horses filled the first seven placings.
After the late scratching of Mourayan a field of 23 horses including a record 13 international stayers and another six which began their careers in the northern hemisphere but are now with Australian trainers faced the starter.
Lemaire arrived in Australia from France only 24 hours before the race and was overcome with emotion when his narrow victory was confirmed.
"It's incredible - it's a great moment for me,'' Lemaire said. "I was a bit anxious. I knew it was very close.
"I feel very sorry for Craig. He's a good friend of mine.''
The win was Dunaden's eighth in 28 starts and lands his owner $3.6 million plus a trophy worth $175,000.
Delzangles, a former assistant in the stable of Americain's trainer Alain De Royer-Dupre at Chantilly, followed the same path as Americain last year, tackling only the Geelong Cup before lining up in the Melbourne Cup, Australia's richest horse race.
"I'm still shaking. It's amazing. I thought I was beaten, so it's even better,'' Delzangles said.