A tepid Premier League encounter came to life in the final 17 minutes as the visitors scored twice to secure a fourth successive victory over the Hammers since they returned to the top tier.
Adama Traore was heavily involved in both goals after coming on as a substitute, including providing a teasing cross from Wolves' right that Raul Jimenez gratefully nodded in at the back post.
The Mexican striker's 73rd-minute header improved his tally in the Premier League this season to 14, with six of those goals having been set up by Traore.
Pedro Neto wrapped up the three points in stunning fashion, meeting Matt Doherty's looping cross with a fierce left-footed volley that flashed beyond Lukasz Fabianski.
Wolves move up to sixth in the table with the victory, level on points with Manchester United and just two behind fourth-placed Chelsea, which travels to Aston Villa on Monday (AEST).
West Ham, meanwhile, came into the game in 17th place and has the look of a team facing real trouble.