Adil Rami's stoppage-time goal gives Valencia hope going into the second leg of their Champions League tie against Paris St-Germain after the French side partly threw away their half-time lead.
PSG took charge as Ezequiel Lavezzi drilled in after 10 minutes and Javier Pastore tucked in Lucas Moura's cutback before the break for the visitors.
But with time running out, Rami headed in Tino Costa's free-kick for Valencia.
And Zlatan Ibrahimovic made it worse for PSG as he was sent off for a stamp.
The Swedish forward received his third red card in the Champions League - for three different clubs - after the referee decided he went over the ball in challenging Andres Guardado, although it appeared the contact was minimal.
Ibrahimovic sees another red
- Zlatan Ibrahimovic has now received a red card while playing for Paris St-Germain, Inter Milan and Juventus in the Champions League
- He has only scored four goals in 28 games in the knockout stages of the competition
It was an incredible finale to a game in which Carlo Ancelotti's PSG side looked comfortable for long periods.
In front of watching new signing David Beckham , the visitors had produced a commanding counter-attacking display, but the way they conceded so late in the game, with keeper Salvatore Sirigu failing to claim the ball as it found Rami at the back post, raised questions about their concentration.
There was a suspicion of offside too, but by that stage PSG should really have been out of sight, with Lavezzi guilty of missing two glorious second-half chances.
Now they will have to do without their talismanic striker Ibrahimovic for the second leg in Paris, although at times in this encounter he was merely a target as Lucas, Lavezzi and Pastore buzzed around him.
Lucas was courted by Manchester United last summer and on his Champions League debut, after signing in January, it was easy to see why.
The 20-year-old glided down the right on several occasions and before the visitors took the lead he cracked a shot against the post.
Paris St-Germain boss Carlo Ancelotti on David Beckham
"He trained one week alone and tomorrow he starts with his team-mates. I don't think he will have a problem to play and he will help us to be better"
When it came, the opening goal was well-taken by Argentine Lavezzi as he played a neat one-two with fellow countryman Pastore before smashing the ball in. But questions will be asked of defender Ricardo Costa, who was rash in the challenge, and keeper Vicente Guaita, who failed to stop the fizzing shot close to his body.
The hosts recovered and enjoyed a decent spell of possession, but they failed to test Sirigu in the PSG goal with both Guardado and Ever Banega snatching at half-chances.
Ancelotti's side were happy to allow Valencia deep into the PSG half and then spring quick attacks, with young Italian midfielder Marco Verratti looking composed.
Following another Lavezzi shot, the French side took command with a second goal before half-time. Again Guaita was at fault, as Pastore hit Lucas's cutback between the keeper's legs.
Valencia boss Ernesto Valverde made two changes at the break as he aimed to give an added threat to his side. Sergio Canales joined Roberto Saldado in attack and fellow substitute Nelson Valdez forced Sirigu to tip over a looping header.
However, PSG weathered that spell and after the hour mark Lavezzi should really have put the tie beyond doubt with two glorious chances, but he spurned a close-range rebound and duffed a chip with only Guaita to beat.
Valdez skewed a great chance wide soon after as warning signs began to creep in for PSG and with Rami scoring, Ibrahimovic getting his marching orders and Lavezzi missing a brace of chances, a tie that looked over is now much more in the balance.
Paris St-Germain boss Carlo Ancelotti on Zlatan Ibrahimovic's red card: "It was a normal tackle and it was nothing special and I was surprised by the red card.
"We played really well, we have to be happy but at the end it was not good for us. Valencia is a good team, we have played the first half, but now we have to play second half and we have to pay attention."
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Live Text Commentary
Full Time The final whistle is blown by the referee.90:00 +1:49
Direct free kick taken by Pedro Joao Pereira.90:00 +1:49 Dismissal
Dismissal Red card for Zlatan Ibrahimovic.90:00 +1:32
Andres Guardado fouled by Zlatan Ibrahimovic, the ref awards a free kick.89:53
The assist for the goal came from Facundo Tino Costa.89:53 Goal scored
Goal! - Adil Rami - Valencia 1 - 2 Paris SG Adil Rami gets on the score sheet with a goal from close in to the bottom right corner of the goal. Valencia 1-2 PSG.89:17
Free kick awarded for a foul by Sylvain Armand on Nelson Haedo Valdez. Facundo Tino Costa delivers the ball,88:23
Andres Guardado crosses the ball, Salvatore Sirigu makes a save.87:16
Salvatore Sirigu restarts play with the free kick.87:16 Substitution
Substitution Sylvain Armand comes on in place of Javier Pastore.87:16
Unfair challenge on Marco Verratti by Roberto Soldado results in a free kick.86:36
The ball is delivered by Andres Guardado, comfortable save by Salvatore Sirigu.85:22
Free kick awarded for an unfair challenge on Jonathan Viera by Marco Verratti. Shot on goal comes in from Facundo Tino Costa from the free kick, save made by Salvatore Sirigu.82:58 Substitution
Substitution Sofiane Feghouli goes off and Jonathan Viera comes on.82:05
Free kick awarded for a foul by Roberto Soldado on Christophe Jallet. Free kick taken by Christophe Jallet.78:48
Zlatan Ibrahimovic is flagged offside by the assistant referee. Pedro Joao Pereira takes the direct free kick.77:40
Centre by Andres Guardado.77:01
Roberto Soldado gives away a free kick for an unfair challenge on Marco Verratti. Marco Verratti takes the direct free kick.76:16
Pedro Joao Pereira sends in a cross, Christophe Jallet makes a clearance.75:45 Substitution
Substitution Jeremy Menez replaces Ezequiel Lavezzi.
Close range shot by Facundo Tino Costa misses to the left of the target.72:38
Foul by Facundo Tino Costa on Blaise Matuidi, free kick awarded. Shot comes in from Zlatan Ibrahimovic from the free kick.72:12
The ball is sent over by Nelson Haedo Valdez.72:06
Clement Chantome is caught offside. Free kick taken by Vicente Guaita.71:49
Zlatan Ibrahimovic takes a shot. Save by Vicente Guaita.70:32
Foul by Facundo Tino Costa on Blaise Matuidi, free kick awarded. Blaise Matuidi takes the direct free kick.68:44
Shot from just outside the box by Sofiane Feghouli goes over the bar.68:21
The official flags Ezequiel Lavezzi offside. Miguel Ricardo Costa restarts play with the free kick.67:06
Unfair challenge on Marco Verratti by Facundo Tino Costa results in a free kick. Marco Verratti takes the direct free kick.66:33
Sofiane Feghouli produces a cross, Salvatore Sirigu makes a comfortable save.64:16
Ezequiel Lavezzi takes a shot. Blocked by Adil Rami.62:52
Ezequiel Lavezzi takes a shot. Comfortable save by Vicente Guaita.62:27
Foul by Nelson Haedo Valdez on Marco Verratti, free kick awarded. Direct free kick taken by Marco Verratti.60:54
Drilled right-footed shot by Zlatan Ibrahimovic. Save made by Vicente Guaita. Close range shot by Ezequiel Lavezzi goes wide of the right-hand upright.60:11
Roberto Soldado takes a shot. Save made by Salvatore Sirigu.59:02
Free kick awarded for an unfair challenge on Clement Chantome by Andres Guardado. Blaise Matuidi restarts play with the free kick.55:58
Pedro Joao Pereira concedes a free kick for a foul on Ezequiel Lavezzi. Scherer Andrade Maxwell crosses the ball in from the free kick, clearance by Miguel Ricardo Costa.55:30
Facundo Tino Costa takes a inswinging corner from the right by-line played to the near post.55:16
Shot by Facundo Tino Costa. Marco Verratti gets a block in.54:48
Free kick awarded for an unfair challenge on Dani Parejo by Zlatan Ibrahimovic. Dani Parejo takes the direct free kick.53:47
Unfair challenge on Andres Guardado by Clement Chantome results in a free kick. Dani Parejo crosses the ball in from the free kick, Adil Rami concedes a free kick for a foul on Mamadou Sakho. Salvatore Sirigu restarts play with the free kick.53:33
Andres Guardado delivers the ball, Christophe Jallet manages to make a clearance.52:51 Substitution
Substitution Clement Chantome replaces Rodrigues Lucas Moura.52:32
Inswinging corner taken from the right by-line by Facundo Tino Costa.51:51
Inswinging corner taken by Dani Parejo, Nelson Haedo Valdez takes a shot. Salvatore Sirigu makes a save.51:36
Pedro Joao Pereira takes a shot. Mamadou Sakho gets a block in.51:07
Facundo Tino Costa takes a inswinging corner to the near post.50:58
Sergio Canales delivers the ball, save made by Salvatore Sirigu.50:00
Nelson Haedo Valdez is ruled offside. Indirect free kick taken by Salvatore Sirigu.46:01
Sofiane Feghouli delivers the ball.45:01
The referee starts the second half.45:01 Substitution
Substitution (Valencia) makes a substitution, with Nelson Haedo Valdez coming on for Oliveira Jonas.45:01 Substitution
Substitution Sergio Canales replaces Banega Ever.45:00 +2:03 Half time
Half Time The players leave the pitch at half time.45:00 +1:40
Facundo Tino Costa takes the inswinging corner, Javier Pastore makes a clearance.45:00 +0:14
Free kick awarded for a foul by Scherer Andrade Maxwell on Pedro Joao Pereira. Free kick crossed left-footed by Miguel Ricardo Costa from right by-line, Scherer Andrade Maxwell manages to make a clearance. Facundo Tino Costa decides to take the corner short.42:13
Assist on the goal came from Rodrigues Lucas Moura.42:13 Goal scored
Goal! - Javier Pastore - Valencia 0 - 2 Paris SG Javier Pastore gets on the score sheet with a goal from inside the box to the bottom right corner of the goal. Valencia 0-2 PSG.40:21
The ball is swung over by Banega Ever.37:23
Ezequiel Lavezzi takes a shot. Save by Vicente Guaita.34:31
Sofiane Feghouli fouled by Javier Pastore, the ref awards a free kick. Facundo Tino Costa sends in a cross, Header from deep inside the area by Oliveira Jonas goes over the bar.34:02
The referee blows for offside against Zlatan Ibrahimovic. Vicente Guaita takes the free kick.33:30
Foul by Pedro Joao Pereira on Ezequiel Lavezzi, free kick awarded. Marco Verratti takes the direct free kick.31:46 Booking
Booking Pedro Joao Pereira goes into the book for dissent.31:35 Booking
Booking Marco Verratti receives a yellow card.30:05
The assistant referee signals for offside against Zlatan Ibrahimovic. Pedro Joao Pereira takes the free kick.29:24
The offside flag is raised against Oliveira Jonas. Free kick taken by Christophe Jallet.27:02
Rodrigues Lucas Moura takes a shot. Vicente Guaita makes a comfortable save.25:59
A cross is delivered by Zlatan Ibrahimovic, Shot from deep inside the area by Rodrigues Lucas Moura clears the bar.24:55
Foul by Zlatan Ibrahimovic on Facundo Tino Costa, free kick awarded. Direct free kick taken by Facundo Tino Costa.22:44
Effort on goal by Andres Guardado from just inside the penalty area goes harmlessly over the target.20:34
Pedro Joao Pereira delivers the ball, clearance made by Christophe Jallet.19:30
Centre by Pedro Joao Pereira, Banega Ever produces a left-footed shot from just outside the box that goes wide left of the goal.15:05
Pedro Joao Pereira concedes a free kick for a foul on Zlatan Ibrahimovic. Free kick crossed left-footed by Scherer Andrade Maxwell, save by Vicente Guaita.12:27
Corner taken left-footed by Facundo Tino Costa. Salvatore Sirigu fouled by Roberto Soldado, the ref awards a free kick. Direct free kick taken by Salvatore Sirigu.11:43
Inswinging corner taken from the left by-line by Banega Ever, clearance by Ezequiel Lavezzi.11:17
Andres Guardado sends in a cross, Mamadou Sakho makes a clearance.9:29
Assist on the goal came from Javier Pastore.9:29 Goal scored
Goal! - Ezequiel Lavezzi - Valencia 0 - 1 Paris SG Ezequiel Lavezzi finds the back of the net with a goal from inside the penalty box high into the middle of the goal. Valencia 0-1 PSG.8:41
Rodrigues Lucas Moura has an effort at goal from outside the box that bounces off the post.5:32
The offside flag is raised against Roberto Soldado. Direct free kick taken by Alex.5:30
Free kick awarded for a foul by Roberto Soldado on Alex. Alex takes the free kick.4:00
Marco Verratti challenges Banega Ever unfairly and gives away a free kick. Banega Ever restarts play with the free kick.3:14
Ezequiel Lavezzi gives away a free kick for an unfair challenge on Andres Guardado. Direct free kick taken by Andres Guardado.0:00
The game kicks-off.
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