Brennan Johnson’s first Spurs goal looked set to send Ange Postecoglou’s under-strength side back above Manchester City.
But after being wasteful for the first 90 minutes, Wolves found their shooting boots in added time.
Substitute Pablo Sarabia smashed home the equaliser before Mario Lemina steered in the winner.
Spurs have now suffered back-to-back defeats after losing for the first time in the league under Postecoglou on Monday when Chelsea emerged from north London 4-1 victors after an action-packed encounter.
There were also longer lasting consequences for Spurs from defeat to Chelsea as influential summer signings Micky van de Ven and James Maddison were ruled out with injury until the new year.
However, there were no signs of a hangover early on as Postecoglou’s men made a perfect start.
Pedro Porro’s low cross picked out Johnson at the near post and the Welshman prodded in his first goal since a £47.5 million move from Nottingham Forest.
That was potent as the Tottenham attack were all game as the visitors were eventually made to pay for relying on a makeshift defence.
Cristian Romero and Destiny Udogie were also suspended after being sent-off against Chelsea, leaving Porro as the only regular starter in the Spurs back four.
Goalkeeper Guglielmo Vicario was again one of Tottenham’s top performers as he flew low to his right to turn Lemina’s powerful shot behind.
After the break, Wolves were guilty of failing to even making the Spurs’ stopper work in their search for an equaliser.
Matheus Cunha blazed high and wide from the edge of the area.
Hwang Hee-Chan had scored in all five previous home league games this season but was also wasteful with a weak effort into the side-netting after the ball broke to the South Korean inside the area.
Johnson had Tottenham’s one major chance to extend their lead on the counter-attack, but this time got his finish wrong as an attempted chip sailed wide.
Most of the action was coming at the other end as Matt Doherty was denied a goal against his former club by Ben Davies’ clearance before Sasa Kalajdzic headed well over with just Vicario to beat.
Wolves finally produced the moment of quality required in the final third when Sarabia connected sweetly on the volley to meet Cunha’s cross.
Sarabia then turned provider for the winner with 96 minutes on the clock as Lemina slid in to turn the Spanish international’s pass beyond the despairing dive of Vicario.
Tottenham remain in second, but could be leapfrogged by Arsenal and Liverpool later this weekend.
Victory lifts Wolves up to 12th, nine points clear of the relegation zone. – AFP.
