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(BBC)---The Liverpudlian, 34, pounced when Haye suffered what turned out to be an Achilles injury in the sixth round to score a knockdown.
Haye, who had his right ankle strapped, carried on as bravely as he could for the rest of the fight, but was unable to move freely as Bellew seized the momentum.
And in the 11th, a second knockdown saw former heavyweight champion Haye tangled in the ropes, the towel enter from his corner and his hopes of a return to the world-title level of the sport left in tatters.
Bellew - a big underdog with bookmakers - raced to trainer Dave Coldwell in celebration as he scored a victory which will likely filter through to non-boxing fans far more than his 2016 world-title win at Goodison Park did.
And the bitter war of words leading up to the fight ended with Bellew helping a limping and exhausted Haye back to his corner.
The two embraced and the beaten, humbled Haye asked for a rematch during a lengthy post-fight interview before later heading off to hospital to have surgery.
The first round had those in the O2 Arena intrigued. A hate-fuelled slug-fest or artistic boxing?
The latter won the day, with Bellew happy to see Haye jump in while he fired off solid replies in-between darting out of trouble.
And so established a pattern, Haye taking the centre of the ring, Bellew nearer the ropes.
As the established heavyweight stalked his man, often they stood statuesque for moments as Bellew looked for Haye's trigger - his own prompt to counter.
But slipping shots can be a dangerous game and a straight right to Bellew's jaw in the fifth was audible ringside, though nothing could be heard in the sixth as the Arena screamed at the drama.
Both men went down - Haye twice - though neither faced a count as their falls to the canvas were deemed slips but the sheer punch volume from Bellew then legally felled Haye, who looked stunned and shattered in answering a nine count.
Bellew, who stressed his rival would start tiring after four rounds, had his wish, dominating, boxing at his own pace, jabbing when he wanted to slow down and engaging more violently when the chance arose.
Haye's low blow in the ninth summed up his increasing desperation and, two rounds later, his clamber from the ropes after a barrage of punches was pitiful for one once at the top of the sport. Finally the towel entered, signalling the third defeat of a 31-fight career.
'I've beaten one of the best'
Bellew, speaking to Radio 5 live: "He's probably the hardest puncher in the world, and he's so quick early on, he's like a sprinter. He can really hit but he can also take a few himself.
"In my eyes I've beaten the best cruiserweight this country has ever produced and one of the best heavyweights. I am honoured to fight in the same ring as him. I've looked up to him.
"He made the same mistake everybody else does. He underestimated me. Watch me on tape and I'm terrible but in the ring I'm harder to hit than you think."
Haye's graphic descriptions of his hopes of damaging Bellew in the run-up to the fight prompted concern from boxing authorities and undoubtedly turned some fans against him.
But the bad blood meant the contest was expected to sell between 500,000 and 700,000 buys on pay-per-view.
Hearn believed anything other than an explosive knockout would be a "disaster" for Haye, who will now have to either retire or embark on rebuilding his in-ring reputation.
The 36-year-old's lack of stamina was strikingly visible. Perhaps the effects of reconstructive shoulder surgery, a lack of sharpness and simply age engulfing a fighter who once unified the cruiserweight division, won a heavyweight world title and of course took Wladimir Klitschko 12 rounds in defeat.
A rematch would be a money spinner, although many will call for retirement instead.
Next stop a title fight?
Promoter Eddie Hearn on Radio 5 live: "We've got to go after a heavyweight world title for Bellew now. I am so pleased for him. He's secured the future for his family and they can live a wonderful life.
"He is everything you would want in a man, he has a big heart, never gives up, has a wonderful family and I am so happy for him."
Brilliant, bulldozing Bellew
Bellew's jump in weight to claim victory is perhaps even more impressive considering he has had just eight fights at cruiserweight, spending most of his career two divisions lower than the one he competed in in this exhilarating affair.
He was an English champion at heavyweight at amateur, following in the footsteps of the ringside Frank Bruno, but few gave him hope - and those who did emphasised the survival mission he had on his hands in dodging Haye's early power.
But he did, the 13 fights he has had since Haye briefly left the sport providing a sharpness his opposite number simply lacked.
Roared on by the likes of Wayne Rooney and AP McCoy in attendance, he shone in a cauldron atmosphere, boxing admirably to complement his reputation as a power puncher.
Bellew's stock has never been so high. Unification bouts in the cruiserweight division will likely present themselves and his adaptability in stepping up to over 200lbs could open doors in the sport's showpiece division.
How much of an impact did that injury of Haye's have? I had Haye up four rounds to one going into the sixth but he didn't win a round after the injury.
That was pure bravery and guts and up there with anything I've ever seen. They went to hell. It was sensational, scary but sensational.
Had David Haye won in the first round or the 11th round, we wouldn't have questioned his eligibility to chase any heavyweight.
Bellew didn't mention Anthony Joshua, so go and chase it, put an offer out to Joseph Parker, put an offer out to Deontay Wilder.
In the summer, at Goodison Park, there will be enough money on the table to get those guys in the ring.
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