Pegram also won a Preakness in tandem with Baffert in 1998 with Real Quiet. Lookin At Lucky's owners received a first-place prize of $600,000 from an overall purse of $1 million.
Pegram is the brother of Garcia's agent, Jim Pegram.
Lookin At Lucky was last year's champion 2-year-old male, when he won 5 of 6 starts, his lone loss coming when second in the Breeders' Cup Juvenile. He has now won seven times in 10 starts.
Super Saver tired badly and wound up 11 1/2 lengths behind Lookin At Lucky.
"Perfect trip," said his jockey, Calvin Borel. "He just came up empty today."
Dale Romans, the trainer of First Dude, was happy with his colt's effort.
"I had confidence that he's a top horse; I think he showed today that he could compete with the best," Romans said.
"He broke so sharp, and Ramon said he was going deceivingly fast," Romans said. "He felt like was just galloping out there, so he was comfortable with it. It looks like he's galloping, even though he's going fast. I think he has the ability to go fast and keep going, and he'll take a few horses out of their game doing that, but Ramon said when they came to him he had horse left and he just couldn't hold him off today."
Nick Zito, the trainer of Jackson Bend, thought his tiny colt "should have been second easy."
"At the half-mile pole, Calvin had no horse but he kept him in," Zito said, referring to Borel on Super Saver. "If he could have got out then, he's right there, but that's racing luck. He ran great."
Most of the discussion in the aftermath of Oxbow's Preakness victory involved either explaining away why Orb lost or downplaying why Oxbow won. But Oxbow was plenty impressive.
Trainer Shug McGaughey is still thinking Belmont Stakes for his Kentucky Derby winner after Orb galloped a mile Thursday morning at Belmont Park.
Baffert credits Garcia, Lookin At Lucky
May 15, 2010: Bob Baffert, Lookin At Lucky's trainer, talks immediately following an amazing Preakness Stakes.
Triple Crown winners
The horses that have won the Kentucky Derby, Preakness and Belmont in the same year.
Derby Day finery
Fashion statements fill Churchill Downs as race fans display their hats.
The nation grieved for those hurt, killed and affected by the Boston Marathon bombings. After one of the suspects was caught on Friday — following a day-long lockdown and manhunt — sports returned to Boston over the weekend.
Wild party at the Preakness
Images of fans and the scene during the Preakness over the years.