Sadio Mane scored the penalty kick as Senegal beat Egypt 4-2 on penalties to end the CAN first ever after a goalless draw.
The Liverpool striker witnessed a penalty kick in the seventh minute, which was saved by Egypt goalkeeper Gapsky, but Mane got on his nerves when he returned in the penalty shootout.
Chelsea's Edward Mendy prevented Muhannad Lashin from giving Mane a chance to win the title at the Olympic Stadium in Yaounde.
Gabasky had saved three times from Senegalese Bamba Deng in extra time.
All four of Egypt's matches in the tournament have come a long way, as North Africa beat Ivory Coast and host Cameroon on penalties on their way to the final.
Gbaski had already saved four penalty kicks in the tournament by the time the match went to penalty shootouts, but on this occasion the 33-year-old ended up on the losing side.
Follow the reactions to Senegal's historic victory
Egypt were the first to blunder when central defender Mohamed Abdel Moneim saw his left-handed penalty shoot up straight and bounced wide - but Gapsky immediately dismissed Bona Sarr.
However, Lachen saw his effort save and Mane won an emphatic finish in the lower left corner.
This means that his Liverpool teammate, Mohamed Salah, did not even have the opportunity to score a penalty kick, as the Pharaohs captain was preparing to compete in fifth place for his team.
Senegal had previously lost twice in the Nations Cup finals, finishing second in 2002 and 2019.
Mane and the rest of the Teranga Lions players will celebrate their victory, while Egypt will soon have a chance to take revenge, as the two teams meet again next month in a two-match playoff for a place in the Qatar 2022 World Cup.
Described as a head-to-head battle between two of his Premier League teammates, the match saw a free-flowing Senegalese side with Mane as an offensive spearhead against Salah's small and defensive-minded side.
The West African team got an early opportunity to advance when Abdel Moneim rushed to Senegalese left back Salio Ciss in the fourth minute.
Mane was chatting with Japaski before he immediately put the ball in - and he seemed to be telling the goalkeeper to get back on his line.
The 29-year-old only fired his shot to the left of center, but Japasky jumped in the right direction and smashed the ball wide.
Salah was well organized by the Senegal defense and only had two attempts in the first half, forcing Mendy to save well in the second half.
The second half was somewhat divided as defending champions Egypt scored seven times, with coach Carlos Queiroz missing from the touchline due to suspension, looking to break up play.
Extra time was more active as Senegal sought to take the match to their opponents and Dieng saw a low-angle effort pushed far, and a good bottom header behind him.
After that, the substitute shot from a distance back before Mendy passed a violent shot from Marwan Hamdi three minutes before the end of the match.
Redemption for Cisse
Senegal finished first in Africa for the past three years under coach Aliou Cisse, who missed a crucial penalty in the 2002 final and was in first place after losing three years ago.
Mane was instrumental in their historic success in Cameroon, having scored four goals in the tournament and two assists.
The Teranga Lions ended their wait to lift the trophy after a lengthy display that saw Captain Kalidou Koulibaly ascend to the VIP lounge in the stands alongside CAF President Patrice Motsepe and FIFA President Gianni Infantino to welcome Cameroon President Paul Biya.