كتب : Hatem Maher
John Carew grabbed a shocking lead early in the first-half and Florent Malouda added the second in the 31st minute before a packed Santiago Bernabeu venue.
But former Lyon man Mahamadou Diarra narrowed the gap eight minutes later before Ruud van Nistelrooy salvaged a draw seven minutes before the final whistle.
Van Nistelrooy squandered a golden opportunity to snatch a dramatic win when he failed to beat Lyon and France goalkeeper Gregory Coupet from the spot.
Lyon are in charge of Group E with 13 points, three ahead of second-placed Real with the French giants having the edge in the head-to-head record
Norwegian striker Carew stunned the home crowd in the 11th minute when he capitalized on Fabio Cannavaro's poor tackle to collect the ball and outpace Ivan Helguera and Emerson before hitting a low drive past Real keeper Ilker Casillas.
French winger Malouda doubled the lead in the 31st minute after he ghosted behind Real's defense to slot home Juninho's brilliant free-kick from close range.
The home side pulled one back eight minutes later when Jose Reyes' corner-kick at the far post was met by Van Nistelrooy's header into the path of Malian midfielder Diarra, who headed the ball into the back of the net.
Dutch international Van Nistelrooy leveled the score seven minutes from time on the rebound after Raul's diving header struck the post.
But he wasted a golden opportunity to seal a precious win one minute before the final whistle when Real were awarded a penalty kick after he was brought down inside the area by Lyon Brazilian midfielder Cris.
Van Nistelrooy stepped-up and fired into the bottom corner but it was brilliantly saved by Coupet.
Elsewhere, Romania's Steaua Bucharest booked their place in the UEFA Cup after a 1-1 home draw with Dinamo Kiev.
Nicolae Dica's goal nine minutes past the hour mark cancelled out Florin Cernat's opener in the 29th minute.
The result put Steaua in third place with four points while Dinamo were left at bottom with just one point.