Thistle travelled to Falkland for their penultimate league game and snatched defeat from the jaws of victory.
Thistle started well and came close to opening the scoring after only four minutes when Barnes forced a good save from Patrick after neat play from Jukes.
But the opening goal was not far away and arrived in the 11th minute when Jukes fired home a Barnes corner for his 13th goal of the campaign.
Thistle went 2-0 up when Foulkes showed fine vision to send a chipped ball into the path of Malone who slotted past the keeper.
The Vics reduced the deficit two minutes later through a neat counter attack that saw McKay slip in behind McShane before firing low past the advancing Anderson.
On the half hour the match was back on level terms when Reilly headed home an inviting ball.
The goals continued to pour in and in the 32nd minute Malone put his side back in front when he converted from the spot.
Just on the verge of half time Thistle restored their two goal advantage when Barnes curled home a tremendous free kick for his 33rd goal of a prolific campaign.
Thistle looked to be well in control of proceedings but it was the hosts that were to score next when Watters conceded a penalty with a clumsy challenge which Sibbald converted sending Anderson the wrong way.
With 20 minutes to go the hosts were once again back on level terms when they made it 4-4 after Reilly easily held of Moir to get through on goal where he showed fine composure to slot home past Anderson.
Thistle restored their lead when Malone stepped up and dispatched another well placed penalty to grab his hat-trick.
But Thistle again threw away the lead when Anderson spilled a cross and Smith netted.
In stoppage time Thistle conceded a second penalty with Watters again the villain although this time the decision was dubious.
Fairbairn stepped up and converted the spot kick to give his side what had looked an unlikely win for most of the match.
A & R Finnie Haulage man of the match – Jamie Malone.
Thistle – Anderson, Ireland, Watters (Copland 90), McArthur (Capt.), McShane (Wright 62), Jukes, Gorgon (Moir 52), Foulkes (Petrie 62), Harrow, Barnes, Malone.
Sub - Henderson.