Wolves slipped to a fifth straight defeat as Bournemouth took advantage of Rajiv van La Parra’s second-half red card to come from behind at Molineux.
Loan striker Danny Graham’s deft header gave Wolves a half-time lead.
But Van La Parra’s 59th-minute dismissal following a 50-50 challenge with Steve Cook transformed the game.
Harry Arter levelled, then Matt Ritchie blasted home from 15 yards before Wolves ended with nine men when Matt Doherty was sent off too.
Referee Mike Jones’ performance had angry Wolves owner Steve Morgan remonstrating with him on the pitch at the end.
Bournemouth, now unbeaten in 11 games, had 11-goal top scorer Callum Wilson fit to return, while Wolves made four changes to the teamhammered 4-0 at Brentford last weekend.
Dominic Iorfa came in for his Wolves debut at right-back to replace the injured Scott Golbourne, while club captain Sam Ricketts and midfielders Lee Evans and George Saville were left out, instigating recalls for Richard Stearman, James Henry and Kevin McDonald.
Wolves dominated the first half and took a deserved lead on 41 minutes.
James Henry curled in a near-post left-wing cross and Graham’s delicate header drifted in just inside the beaten Boruc’s left upright.
Bournemouth started the second half more brightly, Pitman testing Carl Ikeme with a fierce low free-kick which the Wolves goalkeeper did well to hold onto.
But then came the game’s main talking point when Cherries defender Cook went down heavily after an apparently harmless, fully committed collision with Van La Parra – and referee Jones quickly brandished a red card.
Within 14 minutes, Arter had levelled, then Ritchie fired home through a crowded box after Pitman and Wilson had both been denied by tremendous saves from Ikeme.
Doherty was then shown the red card for a late challenge on Brett Pitman, sparking an incident which had players from both sides squaring up to each other.