The result extended Honduras' unbeaten streak in qualifying to seven games, while Mexico has now tied its opening two Hexagonal games after going a perfect 6-0-0 in the previous round.
In a fast-paced encounter, Javier Hernandez gave the visitors a 28th minute lead, heading a left-sided delivery from Andres Guardado past Honduran goalkeeper Noel Valladares.
The hosts responded with some medium to long distance shots that failed to trouble the Mexican defense, which was looked comfortable throughout the opening half.
Nine minutes after the break, Hernandez would strike again. A free kick from the left by Carlos Salcido found the quick-reacting Manchester United forward, who reached out to direct the ball into the back of the net. It was Hernandez's 30th career goal for Mexico and his fifth of this qualifying campaign.
Hernandez, with an apparent injury, was replaced by Omar Bravo in the 64th minute. From that point on, the game would undergo a dramatic change.
Carlo Costly sliced the deficit in half for the Catrachos, heading a 77th minute corner kick into the back of the net.
With the home crowd roaring its support, it was given reason cheer even louder, when Honduras was awarded a penalty kick after Costly was taken down in the box. Jerry Bengtson's initial attempt was saved by Guillermo Ochoa, but the New England Revolution forward knocked in the rebound to level the score at 2-2 with ten minutes left on the clock.
The result leaves Honduras on top of the standings with four points, while Mexico is second with two.
Those positions could change after Panama-Jamaica and USA-Costa Rica meet later this evening.
The Hexagonal's table toppers return to qualifying play on Tuesday, as Mexico hosts the U.S. and Honduras travels to Panama.
CONCACAF World Cup Qualifying for Brazil 2014
Final Round - Matchday Two
March 22, 2013
Estadio Olimpico Metropolitano - San Pedro Sula, Honduras
Honduras 2, Mexico 2
0-1 Javier Hernandez 28'
0-2 Javier Hernandez 54'
1-2 Carlo Costly 77'
2-2 Jerry Bengtson 80'