Ashley, who was leading going into the final day, clinched the win with 61-03, while Hiite and Iaconelli each tallied 58-1 over the four-day event.
Bentley's Jeff Connella wrapped up the event in seventh place with 55 pounds, pocketing a tidy $13,000 for the effort.
In addition to logging his second Bassmaster victory, Ashley pocketed $100,000 and instant entry into the 2012 Bassmaster Classic.
This win felt very different than his first Bassmaster Elite Series win in 2007, Ashley said.
"The win at Smith Mountain Lake (in 2007) was special because it was my first, and in my first year on tour. I really didn't know then what it meant to win," he said.
"Now I know they're hard to come by. I'm glad I won, but I'm real glad I won in South Carolina with all my family and friends."
Two 3-pounders in the last 45 minutes of fishing put Ashley over the top. He took both on a shaky head rig after deciding that finesse techniques was what he had to do to correct a day that began slow and shut down quickly.
He had started fishing Sunday in what he said turned out to be the wrong choice of spots.
"The fish were there, but they just wouldn't bite," he said.
About two hours into his day, he made an adjustment by going to a new spot that got him going with a 3-pounder. He left it, came back, then lost a big one, and came back to catch another fish.
"And then it was over," he said. "I had to go totally to finesse fishing after that."
Sunday's biggest bass, a 4-8, was brought in by Brian Snowden. But the 6-9 weighed by Day One leader Jami Fralick won the Berkley Big Bass of the Tournament competition for a $500 bonus.