The 26-year-old hit 11 fours and 14 sixes as hit 156 off 63 balls to smash the highest ever international T20 innings.
However, England were pegged back as Lumb fell for 22, while fellow opener Alex Hales made just eight, as they fell to Johnson and Josh Hazlewood.
The duo did well for England as they put together a steady partnership, but they lacked the firepower that Finch had provided in the Australian innings.
Root made his first T20 fifty for the Three Lions off 29 balls as he hit eight boundaries, and Bopara looked to be going the same way before he was dismissed for 45 as he looped a catch to David Warner off the bowling of Watson.
The Yorkshireman continued England's fruitless quest to reach 249, as they needed 17 an over with time fast running out.
Jos Buttler provided some fireworks as he hit two big sixes, while Root added one of his own as England reached the 200 mark, before the Somerset man was bowled by James Faulkner.
Root finished the innings 90 not out, along with his captain Broad, as the Three Lions fell 40 runs short of their target on 209-6.