Queenslander opener Renshaw was out for a duck, after Lehmann's superb 126 delivered the Redbacks a 274-run first-innings lead on Saturday's day three of play in Adelaide.
Queensland are 3-163 at stumps, still 111 runs in arrears, with Test incumbent Marnus Labuschagne dismissed for 28.
Renshaw, overlooked for the recent Test series against Pakistan after suffering concussion in a warm-up game, fell without scoring after making just three in the first innings.
The left-hander on Saturday was caught behind, feathering an edge to become SA paceman Joe Mennie's 250th first-class wicket.
Renshaw's teammate and another Test aspirant Joe Burns made seven before chopping a Chadd Sayers (1-29) ball onto his stumps, leaving the Bulls at 2-10.
Labuschagne survived a confident caught-behind appeal from Sayers' bowling when on eight but failed to make the most of the reprieve.
The right-hander, who made his Test debut in the series against Pakistan, parried an in-cutter from Mennie (2-24) to a fourth slip position where Jake Weatherald held a sharp catch.
Bulls duo Charlie Hemphrey (76no) and Sam Heazlett (41no) steadied with an unbroken 102-run stand but the visitors faced an almighty scrap to avoid defeat.
Earlier, Lehmann compiled his seventh first-class century in dashing fashion.
The 26-year-old son of former Australian batsman and national coach Darren Lehmann cracked 13 fours and a six in his 192-ball innings which ended to a spectacular outfield catch.
The left-hander whacked a lofted sweep shot which appeared set to sail over the mid-wicket boundary, only for a diving Jack Wildermuth to catch the ball while in mid-air over the rope.
Wildermuth completed the catch and, before touching the ground, flicked the ball to Hemphrey who completed a remarkable dismissal.
Bulls paceman Brendan Doggett was the pick of the Bulls' bowlers, taking 4-82, with SA's imposing first-innings total of 505 highlighted by Tom Cooper's 178 on Friday.