Ronaldo was given a straight red card for kicking out at a Cordoba defender with the score deadlocked at 1-1 eight minutes from time at the Estadio Nuevo Arcangel on Saturday.
However, Bale spared his team-mate's blushes when he converted from the penalty spot in the 89th minute after his own free-kick had been handled - with Cordoba's Federico Cartabia receiving a second booking for that offence.
Real therefore move four points clear of Barcelona ahead of the Catalans' trip to Elche later on Saturday, but Carlo Ancelotti will be concerned by his side's performance and the fact Ronaldo - who cut a frustrated figure throughout the clash - could now face a three-game ban for violent conduct.
Real endured a dreadful start as Nabil Ghilas confidently converted from the penalty spot after Sergio Ramos handled Bebe's shot just three minutes in.
Cordoba's confidence continued to grow after they had taken the lead, with Bebe, Ghilas and Cartabia looking particularly threatening on the counter.
Despite appearing somewhat rattled by Cordoba's bold approach, Real eventually restored parity through Benzema just before the half-hour mark.
The France striker stabbed home from close range after James Rodriguez's corner was flicked on by Bale.
Florin Andone pounced on Raphael Varane's weak header and looped an effort over the approaching Casillas, but the ball bounced up and hit the bar.
