In a dramatic game at the Estadio Centenario, Wanderers attacker Sebastian Gularte inadvertently put the away side ahead after heading a Jesus Trindade free-kick into his own net in the 36th minute.
Matias Quagliotti soon drew Wanderers level from the penalty spot as the two sides went into the break locked at 1-1.
It took just three minutes for Racing to regain the lead after the break, Mauricio Affonso heading home from a set-piece.
Nicolas Albarracin then squandered a golden opportunity to draw Wanderers level, missing an open goal just after the hour-mark.
His blushes were spared six minutes from time though, as Kevin Ramirez coolly lofted the ball over Jorge Contreras in the Racing goal to level the scores at 2-2.
The home side could not hold on however, with Damian Malrechauffe nodding in his second goal of the season in the 90th minute to hand his side all three points.
Nacional made it two wins from two as they remained one point behind Racing, easing past Danubio 3-0 at home.
Ivan Alonso opened the scoring just past the half-hour mark after he headed home before Matias de los Santos turned the ball into his own net to double Nacional's advantage.
Diego Arismendi made the points safe 14 minutes from time, slotting a curling effort in the bottom corner from outside the box.
Early league leaders Penarol were held to their second draw in a row, unable to get past Sud America at the Estadio Centenario.
Marcelo Zalayeta put Penarol ahead in the 31st minute with Max Federico drawing Sud America level midway through the second half as the game finished 1-1.
Rampla Juniors got their first win of the Apertura season after they saw off Atenas 4-2 at home, while Juventud moved into seventh place on the table as they beat Tacuarembo by the same scoreline.
Cerro remain rooted to the bottom of the table after five matches, losing 3-0 to Defensor Sporting at home.
An Ignacio Risso penalty put Sporting ahead before a late double from Giorgian De Arrascaeta sealed the win.
In the round's other games, Rentistas beat River Plate 2-0 while Fenix moved into fourth spot in the table thanks to a 1-0 triumph over El Tanque Sisley.
