Gareth Ainsworth's high-flying Wycombe made a great start when Sam Saunders bundled in the opener at Kenilworth Road in the third minute, only for Elliott Lee to level for the hosts four minutes later.
Wycombe restored their lead from a Paul Hayes penalty and had a two-goal cushion when Alfie Mawson finished a fine move, but Luton were only one goal behind at the break thanks to Lee's second.
The goals dried up in the second half as both teams saw several chances go begging, but Wycombe remain third in their hunt for automatic promotion, while slumping Luton - they have lost five straight matches - remain sixth, and inside the play-off positions.
In League One, Sheffield United strengthened their spot in the play-offs with 4-0 battering of relegation-threatened Scunthorpe United at Bramall Lane - their second successive league win giving them a six-point buffer on seventh-placed Barnsley.
Jason Holt's strike and a penalty from Jose Baxter put the hosts 2-0 ahead at half-time.
Jamie Murphy made it 3-0 in the 81st minute, before the home fans were left celebrating a red card for former Sheffield Wednesday defender Miguel Llera - whose foul on Marc McNulty in the penalty area earned a second yellow and allowed Baxter to score his second spot-kick.
At Boundary Park, Oldham dented Rochdale's play-off bid with a 3-0 victory - Rhys Turner helped himself to a brace, while Jonathan Forte was also on the scoresheet.
Rochdale, who remained in eighth, are three points behind play-off placed Peterborough United (56 points), but have a game in hand on them and also seventh-placed Barnsley (55).
