Ovtcharov overcame Taiwan's Chuang Chih-yuan 4-2 (12-10 9-11 8-11 13-11 11-5 14-12) to secure a spot on the podium.
The first four games were shared before Ovtcharov dominated the fifth.
But just when it seemed Ovtcharov would go on to take bronze, back came Chuang in an enthralling fashion that summed up the tournament.
With the Taiwanese 7-1 ahead, a decider seemed inevitable.
Yet Ovtcharov then delivered a stunning response, with his aggressive style meaning points came quickly.
After levelling, the German saved three game points and then struck a powerful, unreturnable backhand to seal victory.