The hosts could have taken the lead with only two minutes on the clock when Alan Sheehan’s corner lead to a scramble in the Barnet box before Hylton’s effort was caught by Craig Ross.
Luton had the chance to score again shortly after when former Bees midfielder Olly Lee’s curling effort from 25 yards out failed to hit the target.
Ross was tested again on the 36th minute after Luke Berry’s strike from the edge of the box required a low, stretching save from the Barnet shot-stopper.
27 minutes after his first effort, Lee went even closer and could have claimed one of the goals of the season but his dipping volley from a Luton corner couldn’t find the net.
It was the Bees’ turn to pose an attacking threat moments later after John Akinde powered through the middle before striking low and hard, narrowly missing the target.
After a positive first half for the Bees, it was Luton who took the lead inside the opening minute of the second period when an unmarked Dan Potts latched onto a Sheehan free-kick, looping the ball across goal to Hylton who nodded home his 18th of the campaign.
It could have got worse for the visitors 10 minutes later when Berry’s curling effort was palmed over by Ross in the Barnet net.
However, the Bees could have equalised soon after when Akinde tried his luck from the edge of the area but his strike could only find the gloves of James Shea.
Luton doubled their lead on 66 minutes when Collins’ thunderbolt strike from just outside the 18-yard box nestled into the bottom left corner of the Barnet net.
Lee continued to cause his former side problems with 15 minutes remaining when he let fly from 30 yards out but a top class save from Ross denied the Hatters from extending their lead.
It was Alan McCormack’s turn to try his luck from distance moments later but the man inbetween the Barnet sticks was on hand to produce a smart save yet again.
The Bees did have the chance to pull one back four minutes from time when Simeon Akinola’s deflected free-kick was tipped over by Shea.
Despite multiple second half chances from the hosts, only two goals separated the sides.
The Bees host Crewe Alexandra on Friday in their next fixture.
Barnet Team: Ross, Brindley (Akpa Akpro), Clough, Weston, Akinde, J.Taylor (Coulthirst), Tutonda, Nicholls, Blackman (Akinola), Sweeney.
Unused Subs: McKenzie-Lyle (GK), Nelson, Watson, Fonguck
Attendance: 8,140 (272 Bees)