Trailing 2-0 with just two minutes of normal time remaining, Ruben Rodrigues set in motion an unlikely late onslaught with his first goal for the club.
Two minutes into stoppage time, Sam Dalby nodded down for Mason Burstow to drive home the equaliser. And then in the 95th minute, Corey Blackett-Taylor curled a superb shot into the top corner to trigger joyous celebrations.
Manchester United legend Sir Alex Ferguson watched from the stands – but had ironically left before ‘Fergie Time’ kicked in.
But the result means that Steven Schumacher’s side close the gap to eight points on second-placed Cardiff City, who were beaten at home by Lincoln.
Wanderers named an unchanged side after last weekend’s 5-1 win at Exeter City, with Rodrigues and Blackett-Taylor coming back on the bench.
Thierry Gale burst through on the left and brought a smart save out of Will Norris with Bolton’s first attack but that proved near-enough their only clear opportunity of a dreadful first-half performance.
Wycombe dominated midfield, did not allow the Whites to build and reduced them to direct, hopeful balls towards front two Sam Dalby and Johnny Kenny.
The visitors took the lead on 27 minutes when ex-Wanderer Aaron Morley’s cross took a deflection and Cauley Woodrow read the flight of the ball well to get across the near post and flick his header past Jack Bonham.
That failed to stir Bolton into a response and the lead was doubled on 41 minutes when a corner from the left was flicked on to the post by Nathan Lowe, then bouncing off Luke Harris and into the net.
Lowe should have scored a third before half time when a poor clearance from Thierry Gale allowed Harris to bend a cross towards Lowe, who only failed to get a telling touch by a matter of inches.
Schumacher brought on Blackett-Taylor for Rob Apter at half time and he made a couple eye-catching early contributions. Toal thought he had brought his side back into it when he diverted Sheehan’s corner goalwards but referee Matt Corbett ruled that the ball had not completely crossed the line before Daniel Harvie hooked it clear. And just seconds later, Chris Forino’s close-range header was pushed away to compound the frustration.
Kenny then got a golden chance to score his first goal at the Toughsheet after a cut-back from Ethan Erhahon but after driving his first shot against Sam Dalby he then slid his second just wide of the post.
Norris made another save to block Dalby’s header on the line but Wycombe should have wrapped the points up completely 11 minutes from time when Woodrow sent a weak header at goal from close range.
Blackett-Taylor curled another effort just wide, Jordi Osei-Tutu lashed a shot over the bar and Dalby headed straight at keeper Norris from Kyle Dempsey’s corner as Bolton continued to peck away at the Wycombe penalty box without reward.
The breakthrough finally came with just two minutes left – Rodrigues slotting home after a clever knock down from Dalby.
Blackett-Taylor created the equaliser with a cross from the left, headed home by Burstow for his 11th of the season.
And thanks to Wycombe’s earlier timewasting there was still time for a winner, Blackett-Taylor roving forward before smashing an unstoppable drive into the top corner.