Wigan had looked set to strengthen their position at the top of the table after Jason Roberts' 74th minute penalty.
But Cameron, who had only been on the pitch for four minutes, converted a cross from Joleon Lescott to deny Wigan and ease the growing pressure on Wolves boss Dave Jones.
Wolves should really have been celebrating their first victory of the campaign as two-goal Kenny Miller missed a 57th minute penalty.
The Scottish international had fired Wolves ahead after 14 minutes before Wigan hit back in style through Matt Jackson, with his first goal for a year and Nathan Ellington, who took his tally to six in five league games.
Miller then missed from the spot but made amends with a 65th minute header only for Roberts to convert his penalty after he had been fouled by Lescott.
It looked good enough to earn Wigan their fifth win in seven games before the late heroics of Cameron.
Miller had opened the scoring when he was released by a neat pass from Lescott and surged into the Wigan area before lifting the ball over goalkeeper John Filan.
But far from being the start of good things for Wolves, the goal only served to spark Wigan into life.
Skipper Jackson headed Wigan back on level terms in the 23rd minute when he skilfully steered home a free-kick from Jimmy Bullard.
Ellington then deservedly fired Wigan into the lead after 28 minutes with a stunning volley from 25 yards.
Wolves should really have drawn level 12 minutes into the second half when Seyi Olofinjana was fouled by David Wright.
But Miller, who had also missed from the spot against Leeds United, was denied by a smart save by Filan.
The former Rangers marksman looked to have made amends for that miss when he headed home his sixth goal in eight games in the 65th minute after a cross from Kevin Cooper.
But the penalty miss was to come back to haunt Wolves when Roberts pounced, before Cameron spared Miller's blushes.