Skipper Joel Selwood played the last-gasp hero for Geelong, running onto a Cameron Guthrie handball at the 29-minute mark and kicking the goal that sealed the Cats' 16.11 (107) to 15.12 (102) victory.
Even then, the Cats had to survive another two frantic minutes of play, and the ball was locked deep in the Blues' forward line when the final siren sounded.
Both teams looked to have the victory in their keeping several times during the game.
After being down by 24 points, the Blues kicked six straight goals from the 16-minute mark of the third term to lead by 16 points at the 11-minute mark of the final quarter.
Goals to Jordan Murdoch and Mathew Stokes and a clutch of Geelong behinds cut the Blues' lead to one point before Bryce Gibbs looked to have kicked the match-winner for Carlton at the 24-minute mark.
But the Cats were not done, with George Horlin-Smith's second goal setting the stage for Selwood's heroics.
Many thought the Cats would be at their ferocious best a week after their humiliating 110-point loss to the Sydney Swans last Thursday, but the Blues hit them hard early, and led by 15 points when Robbie Warnock kicked the opening goal of the second term.
The Cats hit back to kick nine of the next 12 goals, and led by 24 points when Andrew Mackie snuck forward to kick a major at the 12-minute mark of the third term.
Gibbs was the best player on the ground with 29 possessions and four goals, and his clever snap late in the final term in many respects deserved to be the match-winner.
Tom Hawkins was brilliant for the Cats, especially in the second term when he kicked four goals on opponent Sam Rowe that turned the tide of the game.
Hawkins did not kick another goal for the game after Michael Jamison was switched onto him after half-time, but his work up the ground was creative and he finished with an equal game-high 10 marks.
Mathew Stokes (22 possessions and three goals), James Kelly (27 possessions) and Harry Taylor, who kept Lachie Henderson goalless, were among the Cats' best.
A relieved Cats coach Chris Scott said after the game his team had been lucky to emerge with the four premiership points.
"It was a gutsy win, it's a win we were fortunate to get," Scott said after his side improved its win-loss record to 8-3.
"Good players in big moments hang in there and Selwood finishing off was kind of what we come to expect from him in the end, but that does not take away from the fact we were pretty fortunate."
Carlton coach Mick Malthouse understandably struggled to hide his disappointment post-match, but said he was "reasonably happy" with the passion and urgency his players showed a week after their disappointing loss to the Brisbane Lions.
But Malthouse lamented his team's second term, when they allowed the Cats to turn an early 15-point deficit into a 19-point half-time lead.
"Our second quarter was ordinary, we just didn't control the ball," Malthouse said.
"We didn't take possession of the football, they stripped us of it and we couldn't get it back off them.
"I thought after half-time we reversed that. I thought we were much better with the football because we realised by that stage you can actually hang onto the football a bit longer.
"It was a maul there for a long time … so once you interpreted what was going to take place we were able to be more in control of a loose football."
Andrew Carrazzo was outstanding for the Blues, keeping Steve Johnson to 19 possessions and none of his usual influence, while Dale Thomas (three goals) and Troy Menzel (two) were key drivers in the Blues' second-half comeback.
The win extended the Cats' perfect record against the Blues at Etihad Stadium to 12-0, and was their fifth consecutive win over Carlton.
The Blues' loss sees them slump to 4-7, and their finals hopes appear remote, especially as they play Hawthorn and Collingwood over the next three weeks.
GEELONG 3.1 10.6 12.7 16.11 (107)
CARLTON 4.4 7.5 12.9 15.12 (102)
GOALS
Geelong: Hawkins 4, Stokes 3, Murdoch 2, Horlin-Smith 2, Bartel, Motlop, Walker, Mackie, Selwood
Carlton: Gibbs 4, Thomas 3, Menzel 2, McLean, Yarran, Garlett, Warnock, Casboult, Rowe
BEST
Geelong: Hawkins, Stokes, Enright, Bartel, Kelly, Guthrie
Carlton: Gibbs, Docherty, Simpson, Everitt, Carrazzo, Casboult, Jamison
INJURIES
Geelong: Nil
Carlton: Jamison (right calf)
SUBSTITUTES
Geelong: Jed Bews replaced by Jesse Stringer at three quarter-time
Geelong: Jarrad Waite replaced by Simon White in the fourth quarter
Reports: Nil
Umpires: Meredith, Ryan, Jeffery
Official crowd: 36,952 at Etihad Stadium
