It looked a harsh decision from referee Craig Thomson but it was not really a surprise after a pulsating match that had everything and a bit more.
The Gers’ gaffer made one change from the team that faced Hearts last weekend with Steven Thompson being drafted in to replace Hamed Namouchi on the left wing.
Murray Park starlets Alan Lowing and Steven Campbell were also handed places on the Gers’ bench.
The game started brightly with both teams passing the ball well and having attempts on goal in the early stages.
Rangers were first to try their luck when Thomas Buffel and Stevie Smith combined before the ball found its way through to Lovenkrands in the box.
The in-form Dane, who had scored six goals in his previous four games, controlled the ball but blazed it over the bar with a left foot strike.
Pars’ striker Noel Hunt, who was celebrating his 23rd birthday, then had the home side’s first chance three minutes later when he turned his marker, Sotirios Kyrgiakos, just outside the 18-yard box before drilling a low shot that Ronald Waterreus did well to collect.
With the game flowing freely from one end to the other, Rangers then blew a great opportunity to take the lead when Barry Ferguson played a perfectly time pass to Buffell who was bearing down on Bryn Halliwell’s goal.
It looked likely that the Belgian international was going to let fly but he dragged the ball back and tried to find his strike partner Lovenkrands who was tackled by Dunfermline stopper Scott Wilson.
The miss was to prove costly as the home side opened the scoring on 18 minutes.
Hunt picked the ball up on the left and delivered a tempting cross into the six-yard box. Andy Tod, who was totally unmarked, had the easiest of tasks to the put the ball in the net.
It was poor marking from the Gers’ backline but Lovenkrands was to hand them a ‘Get out of Jail’ card when he levelled proceedings in terrific style on 22 minutes.
The Light Blues were awarded a free-kick 20 yards from goal and the striker stepped up and curled a delightful left foot shot over the Dunfermline wall and past Halliwell’s outstretched arms.
It was a brilliant piece of skill from a player who is back to his best but he could only watch on with disbelief as Dunfermline were to snatch a second within 90 seconds.
Darren Young sprinted towards the Gers’ defence before threading a pass to Mark Burchill. The former Celtic forward looked up and angled his low shot past Ronald Waterreus before celebrating with the Pars’ jubilant fans.
It was the final goal from a hugely eventful first-half but things were to get worse for Lovenkrands when he joined Dunfermline defender’s Scott Wilson and Greg Shields in the referee’s notebook after being harshly booked in injury-time.
McLeish elected to move Thompson through the middle and put Lovenkrands on the left side of midfield for the start of the second period in a bid to utilise Thommo’s aerial prowess.
It almost reaped dividends on 49 minutes when he headed a delightful Burke cross towards goal but Halliwell dived to his right to produce a remarkable save to preserve his side’s advantage.
Rangers were now attacking with intent and captain Barry Ferguson was unlucky when he cut inside a Pars’ defender before testing the keeper again with a shot that bounced dangerously in front of the keeper.
It seemed only a matter of time before the Dunfermline defence cracked and they did on 65 minutes.
Burke played a dipping corner kick into the box and Andrews’ powerful header was adjudged to have hit the hand of Lee Makel on the goalline.
Referee Craig Thompson consulted his linesman before sending off the Dunfermline midfielder and it was left to Lovenkrands to calmly slot the ball home from the penalty spot.
The Light Blues were now brimming with confidence and they took the lead two minutes later when Burke cut inside his marker on the right with a drop of the shoulder before firing the ball into the roof of the net from a tight angle.
Lovenkrands was, quite rightly, given a standing ovation from the Gers’ supporters when he was replaced by Nacho Novo on 74 minutes.
But just when it looked as though the Rangers management and players would be travelling back to Glasgow with three points in the bag, disaster struck deep into injury time.
Kyrgiakos was deemed to have fouled Greg Ross as the pair challenged for a corner kick in the 94th minute and a penalty was awarded.
To make matters worse, the giant Greek was shown a second yellow card and will now miss this weekend’s game against Dundee United at Ibrox.
Young showed great composure to send Waterreus the wrong way and earn a vital point for his relegation threatened side.
DUNFERMLINE: Halliwell; Shields, Wilson, Darren Young, Thomson; Mason, Burchill (Derek Young 82), Makel, Hunt (Tarachulski 82); Tod, Ross
Subs Not Used: Paterson, McCunnie, , Labonte, Campbell, Wilson
Bookings: Red – Makel (63) Yellow – Wilson (24) Shields (34) Tod (90)
RANGERS: Waterreus; Murray, Kyrgiakos, Andrews, Smith; Burke, Malcolm, Ferguson, Namouchi; Lovenkrands (Novo 74), Buffel
Subs Not Used: Klos, Pierre-Fanfan, Jeffers, McCormack, Campbell, Lowing
Bookings: Red – Kyrgiakos (94) Yellow – Lovenkrands (45)
Referee: Craig Thomson
Attendance: 9,481
Man of the Match: Peter Lovenkrands