Two goals from Mexico's veteran striker Vicente Vuoso cancelled out a brace from Juventus midfielder Arturo Vidal for Chile, who also had two goals ruled out for offside in a frenetic late onslaught.
Mexico spent the opening exchanges camped in their own half as Chile swarmed forward looking for an early goal to put them on the path to the quarter-finals from Group A following their opening win over Ecuador.
But the Mexicans stung the hosts on virtually their first foray into enemy territory, sweeping forward on the counter-attack to score when Vuoso prodded home Juan Carlos Medina's cross on 21 minutes.
Chile hit back instantly however, getting back on level terms within a minute thanks to a towering header from Vidal. Charles Aranguiz swung in a corner and Vidal powered home a long-range header to make it 1-1.
The Chilean goal failed to deter Mexico and only a superb save from Claudio Bravo, parrying a Gerardo Flores header onto the bar from close range denied 'El Tri' from taking a 2-1 lead.
But Mexico did not have long to wait before grabbing their second goal, Atletico Madrid striker Raul Jimenez heading home Adrian Aldrete's corner to make it 2-1.
Chile again poured forward, and equalised for the second time in the 42nd minute when Vidal's pinpoint cross was met by Eduardo Vargas, who guided his header into the bottom left-hand corner.
The home side looked to have taken control of the game early in the second half and deservedly took the lead through Vidal's second penalty of the tournament.
The midfielder won the spot-kick after being bundled over by Flores and stepped up to convert and make it 3-2.
Mexico refused to roll over though and on 66 minutes struck back. A long ball over the top from Aldrete found Vuoso, and the striker kept his cool to steer home his second past Bravo.
Chile thought they had grabbed a winner on 80 minutes though, but Alexis Sanchez was adjudged fractionally offside after jabbing home a low shot. – AFP
Original source: Chile, Mexico in six goal thriller