Cardiff missed two stoppage-time penalties as Wolves won 1-0 to go nine points clear at the top of the Sky Bet Championship.
Ruben Neves scored the only goal of the game when an inch-perfect free-kick gave Wolves their advantage in the Welsh capital.
But in an dramatic finish, Wolves goalkeeper John Ruddy stretched to stop Gary Madine's spot-kick, before Cardiff were handed a second bite at the cherry.
Junior Hoilett stepped up and crashed the ball against the bar to allow Wolves to move a giant step closer to promotion to the Premier League.
Wolves are now as short as 1/66 with Sky Bet to win the title.
Cardiff are available at 2/7 to go up but the pressure is still on from Fulham (8/11) and Aston Villa (5/2) for a top-two finish.
Post-match reaction
A post-match dispute between Cardiff boss Neil Warnock and Wolves manager Nuno Espirito Santo became heated.
Warnock took offence at the behaviour of Nuno, who said he was "very sorry" and would apologise.
Nuno celebrated as Wolves secured their win in dramatic fashion and was later seen following Warnock across the pitch, looking to shake his hand having apparently not immediately done so after the final whistle.
Warnock forcefully told him to go away, and afterwards told Sky Sports: "I think it's totally out of order. I think he was a total disgrace. I used strong words and I meant every word of them.
"He's got to learn in the British football game you have manners, you have a bit of class when you've won a game and he's got to learn that I'm afraid."
Told that Nuno intended to knock on his office door to apologise in person, Warnock said: "I don't think I'll go in my office after until he's gone."
Nuno told Sky Sports: "It happened at Middlesbrough and it happened again today.
"I have to say I'm sorry, I was talking to an assistant and he told me in Britain we [don't] do that. But I've arrived here and I love this country and I love the football. Last year I was coaching in the Champions League and now I'm in the Championship and I'm very proud of what I'm doing.
"I want to be a gentleman to all the managers, I'm sorry to [Middlesbrough boss] Tony Pulis and I'm very sorry to Neil Warnock. It was not my intention to be disrespectful but it's very difficult in the last minute when there is a penalty and your goalkeeper [saves it], you have to celebrate, I'm being honest. Once again I'm sorry and I'll try to avoid it.
"I'll go to his office now and if he gives me a moment I'll try to explain it."