Ronald Hernandez scored a stoppage time equaliser for Venezuela as they twice came from behind to snatch a point and deny Ecuador their first victory at this year's Copa America.
Gonzalo Plata looked to have grabbed victory for Ecuador just three minutes after coming off the bench in Rio with a 71st minute strike.
But in the first of six added minutes Venezuela, who had shown little threat after falling 2-1 down, grabbed a dramatic equaliser.
Following a high cross from Edson Castillo, Ronald Hernandez nodded across goal to earn his side a point which had looked beyond them.
Plata came off the bench in the 68th minute before firing his side back in front as they looked to bounce back from an opening matchday defeat by Colombia.
Eduar Preciado had given Ecuador the lead six minutes before time, only for Venezuela to equalise in the 51st minute via Edson Castillo.
Plata though bundled home the winner at the Nilton Santos Stadium, having gone on a 60-yard run via a counter attack from a Venezuela corner.
Despite his classy run resulting in his shot being blocked from close range by keeper Wuilker Farinez, a scramble inside the box saw the ball pop out again to Plata who slotted home from close range.