David Ospina had a night to forget as Colombia were left sweating over their place at next summer's World Cup.
Jose Pekerman's side would have secured their spot in Russia with victory over Paraguay in Barranquilla.
Radamel Falcao's goal, 10 minutes from time, looked set to be enough until the ultimate collapse in the closing stages.
And Arsenal stopper Ospina was at the centre of Colombia's disastrous finale with two costly errors.
In the final minute of added time, Ospina came for a long free-kick into the box.
He bundled the ball under pressure, allowing Oscar Cardozo to slot home from close range.
And it was to get worse as Antonio Sanabria nicked a winner in added time.
Paraguay caught Colombia out with an impressive counter and Ospina could only parry a cross into the path of Sanabria, who couldn't believe his luck.
Colombia now need a win from their final qualifier with Peru.
Arsene Wenger has continued to keep faith with his No.2 but for some Arsenal fans this was the final straw.