Wolves' striker Ade Akinbiyi returned to haunt former boss Tony Pulis in his first game in charge of Portsmouth when he grabbed a bizarre late winner to cap an incredible fightback from Colin Lee's men.
Portsmouth appeared to be cruising to victory with Pulis leading his first game as manager at Fratton Park just 24 hours after he was appointed as a replacement for Alan Ball.
Goals from Sammy Igoe and former Wolves striker Steve Claridge saw Portsmouth comfortably in charge - until a bizarre second-half collapse plunged them back into trouble.
Substitute Steve Sedgley pulled a goal back for Wolves in the 73rd minute as Portsmouth finally gave way.
The pace proved just too much for Pulis' men who were unable to maintain their level of commitment shown in an extraordinary first half.
Sedgley's header from a centre by Lee Naylor was the start of a disastrous collapse by Pompey as discipline went awry in a heated last 10 minutes.
Referee Alan Butler was called upon to restore calm on several occasions as tempers flared - with Portsmouth substitute Scott Hiley booked less than 30 seconds after coming on to the pitch following an appalling challenge on Kevin Muscat.
In the 85th minute, Michael Branch, who almost joined Portsmouth in the summer when he left Everton, grabbed the equaliser when his close-range header drifted over goalkeeper Andy Petterson into the net.
The danger signs were there that Wolves could snatch the game - and in the last minute of normal time Akinbiyi struck.
The player sold by Pulis to Wolves for £3.5 million when he was manager of Bristol City last year, got the last touch as a fiercely-struck shot from Muscat flew into the area.
Goalkeeper Petterson was wrong-footed by the deflection off the foot of Akinbiyi and it proved to be the winner.