The 36-year-old Briton's tee shot at the 217-yard, par-three 11th bounced off a bank at the side of the green before taking three hops and diving into the middle of the cup.
The ace won Storm a BMW sportscar worth around 144,000 euros(114,227 pounds) and he eventually finished with a one-stroke lead after posting a six-under-par 64 for a 16-under tally of 194.
"It was an incredible feeling," the Englishman told reporters at Crans-sur-Sierre. "I had a hole-in-one earlier in the season in Morocco and won a lamp so I think this prize just about tops that one.
"To win a car is absolutely magnificent especially as I have had to sell mine because we couldn't afford to have two cars any more."
Storm, who is a lowly 159th on the money-list, achieved his only tour victory at the 2007 French Open.
Fellow Englishman Tommy Fleetwood (63) was one stroke off the pace while Americans Brooks Koepka (66) and David Lipsky (66) occupied third and fourth position on 196 and 197 respectively.
Welshman Jamie Donaldson, who will make his Ryder Cup debut later this month, was in a share of fifth spot on 198 after carding a 69.
Frenchman Victor Dubuisson (68) was on 10-under-par 200 while Ryder Cup team mate Thomas Bjorn (68) was down the field on 206.
(Writing by Tony Jimenez, editing by Clare Lovell)
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