Stewart Lewis's late strike kept alive Wycombe's hopes of League One survival and dented Carlisle's play-off bid.
Visiting keeper Adam Collin denied Stuart Beavon early on, before saving from Ben Strevens and Craig Eastmond in quick succession just before the break.
The Cumbrians went ahead when Grant Basey turned Jon-Paul McGovern's shot into his own net after it hit the bar.
Lewis grabbed a dramatic equaliser when he linked up well with Strevens and fired in a stinging effort.
Wycombe remain in the relegation places, one point from safety having played one more game than Walsall in 20th.
Carlisle are now two points clear of seventh-placed Notts County, and have one game in hand.
VIEWS FROM THE DRESSING ROOM:
Carlisle manager Greg Abbott tells BBC Radio Cumbria:
"It's a tough place at the moment, I think they've gone seven games unbeaten. If you put the past eight games together, I think Sheffield Wednesday are first, these are second and we're third. It's probably looking at a decent point in the end.
"It was a penalty, but you try talking to the fourth official and he comes up with some unbelievably lame excuse - that in his opinion he played the ball - that infuriates you.
"It's gone, we can't dwell on that, you only get in trouble, but we maybe feel a little aggrieved."