Drake's One Dance has been the nation's number one since April (16), spending 15 weeks at the top. It was narrowing in on Bryan Adams' 16-week record when Major Lazer's new tune ended the party on Friday (29Jul16).
Cold Water recorded 102,000 combined sales to reach the top, according to the Official Charts Company.
It's the first U.K. number one single for Major Lazer and Bieber's fourth.
Perfect Strangers by Jonas Blue featuring J.P. Cooper holds at two on the new chart, while Calum Scott's Dancing On My Own rises to three.
Chainsmokers' Don't Let Me Down and Drake's former number one round out the top five.
Meanwhile, Jeff Lynne's ELO have returned to the top of the U.K. album chart for the first time in 35 years.
The band last topped the British countdown in 1981, when Lynne's outfit was known as the Electric Light Orchestra.
On Friday (29Jul16), the group's hits album All Over The World - The Very Best Of Electric Light Orchestra replaced Michael Kiwanuka at the top of the chart.
The greatest hits album was originally released in 2005 and peaked at number six.
Frontman Jeff Lynne says, "Thirty five years between number one albums! I'm totally amazed. Thanks to everyone that made it possible."