Alex Pearce and Noel Hunt scored late on to grab a dramatic victory for Reading at Portman Road.
Daryl Murphy headed Ipswich in front after meeting Grant Leadbitter's cross but Kaspars Gorkss levelled in the 76th minute with a header of his own.
Three minutes later Ipswich regained the lead thanks to Josh Carson's effort, which deflected off Gorkss.
But Pearce's header and Hunt's low strike in stoppage time sealed three points for the visitors.
Reading have scored only one goal before half-time this season, so it was no surprise that this remained goalless until the 56th minute.
But it was the home side who took the lead through Murphy.
Richard Wright made his first appearance in two years for Ipswich after he re-signed for a third spell at the club earlier in the week, but he was unable to keep out Gorkss's header.
Ipswich must have thought their luck was in when Carson put them back in front thanks to a stroke of fortune, but Pearce and Hunt struck in stoppage time to leave the hosts just a point above the relegation zone.