City looked set to take the points against a poor Bury outfit that had lost their six previous games.
But with time running out for the visitors the Lincoln defence fell asleep. Bury striker Andy Bishop was left free on the edge of the six-yard box and made no mistake with a simple header to level things in the 85th minute.
The goal was a big blow to Lincoln who were desperate for a win after losing three on the trot.
The Red Imps created some good chances but their lack of confidence in front of goal clearly showed.
Leading scorer Ben Wright was sent clear by Jamie Forrester in the tenth minute but fired well wide from six yards.
Then Wright set up a half-chance for Forrester but the veteran striker lifted his shot over the bar.
Teenager Lenell John-Lewis then beat two Bury defenders before cracking in a low shot which Bury keeper Jim Provett did well to save.
Lincoln almost went in front in the 36th minute when Bury failed to clear a cross and the ball fell to Owain Warlow whose powerful shot beat Provett but came back off the bar.
Bury woke up in the second half with Bishop starting to trouble the home defence.
The former York City striker got away in the 55th minute and sent in a low cross which just eluded Glynn Hurst.
On the hour a long throw from Dave Challinor found Bishop but from close range the striker saw his header come back off the foot of the post.
When Lincoln hit back Warlow was again unlucky when his lobbed shot from 20 yards hit the top of the bar.
But Lincoln went in front in the 79th minute. John-Lewis did well to win the ball on the right and began a four-man move which cut open the Bury defence.
The ball came to substitute Louis Dodds who, with his first meaningful touch of the game, fired into the net from 20 yards.