Stewart Murdoch headed in a stoppage-time leveller as Falkirk denied Raith their first away win since October.
Raith went ahead just before the half-hour mark when Jason Thomson crossed from the right and Brian Graham found the net with a close-range header.
Falkirk came close to a leveller in the 74th minute but David McGurn saved well from Dale Fulton's effort from six yards.
Raith received a warning as stoppage-time began as Jonathan Flynn headed over from a corner, but they were punished a minute later.
Thomas Grant crossed from the right and Murdoch headed in his fifth league goal of the campaign to secure a point.
Falkirk: McGovern, Duffie, Dods, Flynn, Kingsley, McGrandles (Grant 64), Higgins (Dale Fulton 64), Murdoch, Alston, Weatherston, Taylor (Small 46). Subs Not Used: Bowman, Dick.
Booked: Dale Fulton.
Goals: Murdoch 90.
Raith: McGurn, Thomson, Stuart Anderson, Ellis, Malone, Grant Anderson (Watt 72), Murray, Walker, Hamill, Graham, Clarke. Subs Not Used: Laidlaw, Spence, Vaughan, Donaldson.
Booked: Grant Anderson, Clarke, Graham.
Goals: Graham 30.
Referee: Alan Muir