Los Blancos are still leading the LaLiga with 40 points and one game in hand, but Sevilla have now leapfrogged Barcelona in second place, as they reached 39 points with the late win.
Carvajal earned a penalty in the 67th minute which Cristiano Ronaldo converted to put the visitors ahead and it looks like Real Madrid thought their job for the day was done at that point.
Sevilla kept believing and started pushing Madrid into their area, until a hard tackle by Marcelo earned them a free-kick on the right wing in the 83rd minute. Sarabia whipped it in and, in his effort to clear the ball, Sergio Ramos sent it past Navas and at the back of the net.
It was an own goal but it still served to Sevilla to pull even, and it gave the hosts a second wind. With the clock showing the first minute of injury time, Stevan Jovetic who had come on as a sub fired off a beautiful volley from outside the area to beat Navas and make it 2-1 for the hosts.
It was a triumph for the newly-arrived Jovetic, who had actually made his debut for Sevilla on Thursday, and a nightmare night for Ramos who had been booed for the entire duration of the game by his former team’s fans and capped it off with an own goal.