Luis Boa Morte rescued a valuable point to nudge Fulham closer to guaranteed Premiership survival and put a dent in Chelsea's Champions League hopes.
Alain Goma's own goal gave Chelsea a deserved half-time lead in the west London derby as he helped the ball into his own net after 37 minutes.
But Boa Morte scored a stunning solo effort when he breezed past Marcel Desailly and fired home an angled drive after 66 minutes.
Emmanuel Petit made a crunching fourth-minute tackle on Sean Davis and referee David Elleray showed who was boss by handing out the first booking.
Jimmy Floyd Hasselbaink almost gave the home side the lead in the ninth minute when he timed his run perfectly to beat the offside trap and meet Zola's pass from the right flank.
The Dutch striker nipped round Taylor but his shot was blocked on the line by a combination of Steve Finnan and Andy Melville who conceded the corner.
The ball was played short to Hasselbaink on the right and he drove the ball dangerously across the face of the goal, but to Fulham's relief nobody could apply the finishing touch.
Lampard looked to have won his side a 22nd-minute penalty as he went flyingunder the challenge of Davis, but Elleray awarded a corner instead.
Fulham suddenly came to life as they worked the ball to Lee Clark down the right.
His low cross was almost turned in by Hammond as Chelsea's defence looked exposed for the first time. The ball was cleared only as far as Davis and he hit a 20 yard drive which flew narrowly over Carlo Cudicini's crossbar.
Gianfranco Zola carved out another chance for Hasselbaink after 31 minutes with a cross from the left, and the striker's header sailed over the bar from six yards.
But Chelsea's pressure finally paid off when they took the lead on 37 minutesafter winning a free kick for Malbranque's foul on Le Saux down the left.
Zola's curling cross struck the bar and rebounded to Terry at the far post.
He nudged the ball forward with his chest and it struck the arm of Goma beforebouncing over the line for an own goal.
Fulham tried to respond and the lively Davis got past Desailly after 41 minutes, but he was stretching as his outstretched leg made the shot and Cudicini pounced on the ball.
There was more bad luck for Fulham as Boa Morte showed his frustration following a challenge by Petit and was booked for dissent a minute later.
Five minutes into the second half Lampard did well again as he fed Le Saux onthe left and his cross into the box was met by Hasselbaink's powerful header.
But Taylor dived to his right to keep the ball out and his side in the game.
Zola fed Hasselbaink on the left and his low cross was met by William Gallas who came up from defence and slid in on the ball.
Taylor again made an importantstop, but the loose ball fell for Lampard who could only scoop it against the bar from point blank range.
Gronkjaer was in hot water for a late tackle on Davis after 58 minutes and was booked - just as he was walking off to be replaced by Gudjohnsen for his 150th English league appearance.
Gudjohnsen took up a central striking role alongside Hasselbaink with Zolatucked in behind the two, a sign that Ranieri wanted to finish off his team's dogged opponents.
But it was Fulham who found a second wind as they broke from defence andscored a super equaliser courtesy of Boa Morte's stunning effort after 66minutes.
The ball was worked to him by Clark and Davis on the right edge of the box and he waltzed past Desailly before cutting back and drilling a shot inside the far post to silence the home fans.
Jody Morris should have been watching this game from the stands, but after 76 minutes he found himself introduced to the action.
The midfielder was called on to the bench after Zenden was injured in the warm-up, and he came on to replace De Lucas.
It was a double switch as Melchiot replaced Gallas.
As play restarted Zola let fly from 25 yars with a shot which Taylor had totip over his bar. The goalkeeper was soon punching clear a corner as Chelsea kept up the pressure. Chelsea were almost undone by their former defender Jon Harley with eight minutes remaining.
He got the better of Desailly and drilled in a low crosswhich Le Saux scrambled away.
Coleman introduced fresh legs a minute later as Boa Morte and Malbranque were replaced by Barry Hayles and John Collins.
Collins almost snatched all three points in injury time with a curling effort which shaved the bar, and then Gudjohnsen raced upfield and sent his effort narrowly wide.