The Blues have been in good form off late, but two defeats in three days have put their title hopes in check.
After a cagey first half where both teams lacked the wherewithal to muster a real chance, in-form Olivier Giroud put the visitors ahead with his trademark finish four minutes into the second half.
Chelsea were in the ascendancy but could not add another goal to kill the game, before Daniel Podence’s moment of brilliance pulled parity for Nuno Espirito Santo’s men.
Wolves thought they had won a penalty on 81 minutes when referee Stuart Attwell felt Reece James had tripped Neto inside the area, but the decision was overturned after he looked at the pitch-side monitor.
The game was heading towards a stalemate when Neto, who had been a torn in Chelsea’s defense, scored a last-gasp winner to give the hosts a deserved win.
"Very [disappointed]. We should see the game out at 1-0,” a frustrated Lampard told Amazon after the game.
"If you're not playing well, don't allow counter attacks and we did.
The English coach added: "Performance is what gives you resultrs. We we were playing very well [recently] and maybe the lads think 'we're playing well'. When you think you're playing well, things like this happen.
"This is the Premier League. If you don't perform you lose games."
Chelsea host London rivals West Ham United at Stamford Bridge under the floodlights on Monday.
