The Eagles looked to have done enough to secure the points after back-to-back tries from Josh Toole and Mark Offerdahl put them in command, but Ryan Burroughs score with just two minutes remaining secured Barrow's first away win of the season.
It's now four defeats on the spin for Mark Aston's side with just one round remaining of the campaign against Rochdale at the OLP on Sunday.
Barrow were forced into some heroic defending early doors as the visitors survived six tackles on the line, where both Oscar Thomas and Jon Magrin were held just short.
The pressure eventually paid off on 22 minutes when Greg Burns spotted a gap and burrowed his way under the tackles with a smart effort from dummy half. Thomas converted.
Barrow quickly responded when Jamie Dallimore's neat grubber was grounded by Brett Carter, with Dallimore levelling the contest with the extras.
Simon Brown's clever kick forced a dropout, but a determined Barrow again held firm as the Eagles looked to crank up the heat.
Barrow's stubbornness in defence was rewarded when Carter bagged his second score, despite suspicions of a knock-on in the build-up, but Dallimore missed the extras.
Just before the break a terrific grubber by Thomas was grounded by Toole in the corner, but Thomas missed a difficult conversion.
Barrow came out of the sheds for the second-half firing but some brilliant work in defence by Paddy Burns held up a rampaging Jono Smith when a try looked certain.
More good work in defence from Cory Aston held up Dallimore, but the Eagles then conceded a penalty in front of the sticks, allowing the Raiders half-back to edge his side in front.
The Raiders put clear distance between the two sides just before the hour mark when a sublime kick from Dallimore fooled the Eagles defence, and Ryan Fieldhouse grounded for a converted score.
The Eagles gave themselves a path back into the contest when Toole spotted a gap in the line for his second try, converted by Thomas.
The try gave Aston's side a major boost and they thought they won it late on when Offerdahl ploughed over, but in the last minute a Burroughs score levelled matters and Dallimore knocked over the extras.
Eagles: Thomas; Spedding, Yere, Toole, Blackmore; Brown, Aston; Offerdahl, G. Burns, Magrin; P. Burns, Pick; Fozard. Interchange: Broadbent, Garcia, Davies, Weldon.
Scorers: Tries: G. Burns (22), Toole (38, 65), Offerdahl (75) Goals: Thomas 3/4
Barrow: Fieldhouse; Carter, Burroughts, Hulme, Gambaro; Dallimore, Charnock; Riley, Parata, Walker; Smith, Morrow; D. Toal. Interchange: Aspinwall, Bartes, Holmes, Johnston.
Scorers: Tries: Carter (26, 35), Fieldhouse (58), Burroughts (77) Goals: Dallimore 4/5