Gary Cahill's needless 65th-minute foul on David Dunn in the visitors' box turned the game on its head, paving the way for Rovers to reignite their European hopes and leaving Gary Megson's men deep in relegation trouble.
Bolton had burst out at the start of the second period and Kevin Davies' 49th minute equaliser sparked a prolonged period of dominance which was only broken by Cahill's clumsy challenge.
Five minutes later the match was effectively over when David Bentley nodded home Rovers' third at the far post, with Morten Gamst Pedersen giving a overly one-sided look to the scoreline with an injury-time fourth.
The late twist capped a remarkably entertaining affair between an out-of-form home side and the visitors, who made four changes following their heroic UEFA Cup triumph in Madrid in midweek.
The home side were almost in front inside the opening minute when a half-clearance fell to Dunn 20 yards from goal and the midfielder's low shot was well saved by Jussi Jaaskelainen.
But Bolton came even closer to going ahead in the 11th minute when Ivan Campo's long throw from the right was flicked on in the box by Davies to El-Hadji Diouf, whose overhead kick from eight yards was superbly saved by Brad Friedel.
McCarthy squared up to Gretar Steinsson after the South African's attempts to burst clear over the halfway line were ended by a cynical challenge, and moments later Steven Reid was booked for hacking down Campo.
But the goalmouth action kept fractious tempers at bay. Roque Santa Cruz was denied by an Andy O'Brien interception before Dunn controversially won Rovers' first spot-kick after Steinsson was harshly adjudged to have fouled.
McCarthy stepped up to fire the ball low and straight down the middle to put Rovers in front, and the home side might have gone further ahead in the 38th minute when Pedersen's cross dribbled across the face of goal.
And they were almost punished moments later when Christopher Samba's error played in Diouf, whose shot was saved low by Friedel but rebounded to the feet of Nolan who lofted his effort against the bar.
A minute from the break Rovers had another chance when Brett Emerton's cross from the left found the head of Santa Cruz in front of goal but the striker's effort was inches wide.
Megson made an attacking change at half-time when Gregorz Rasiak replaced Danny Guthrie, and within three minutes the big striker bundled home a Davies free-kick from close-range but was ruled offside.
One minute later the visitors drew level when a long Matthew Taylor free-kick fell to Davies on the edge of the six-yard box, and he fired a low shot past Friedel at the second attempt.
The visitors were rampant, and almost took the lead three minutes later when the impressive Nolan burst through the home defence and lashed a fine effort which was well saved by Friedel.
Then with the home side reeling, another clever move by Nolan teed up a chance for Taylor, who rammed his shot over the bar from just inside the Rovers box.
Bolton came close again on the hour when Campo lofted a long free-kick into the box and found Gary Cahill, who hit his shot straight at Friedel before the Rovers defence hacked clear.
But Rovers were given the chance to retake their lead in the 65th minute when Cahill inexplicably hacked down Dunn in an unthreatening position just inside the Bolton box.
Referee Mark Clattenberg had no option but to point to the spot a second time and McCarthy once again rammed his second spot-kick straight down the middle to give the home side a scarcely deserved advantage.
Five minutes later Rovers turned the game on its head when Dunn delivered a precise cross from the left and Bentley rose at the far post to nod the home side's third past Jaaskelainen.
And to add insult to injury for Bolton, Rovers grabbed a fourth deep into injury time when substitute Jason Roberts crossed from the left and Pedersen stole in to sidefoot home the simplest of chances.
NEWCASTLE v BLACKBURN - THE FULL HISTORY!
2007/2008 Sat 01 Dec Blackburn R. 3 - 1 Newcastle Utd. Premier League
2006/2007 Sat 05 May Newcastle Utd. 0 - 2 Blackburn R. Premiership
Sat 09 Dec Blackburn R. 1 - 3 Newcastle Utd. Premiership
2005/2006 Sat 21 Jan Newcastle Utd. 0 - 1 Blackburn R. Premiership
Sun 18 Sep Blackburn R. 0 - 3 Newcastle Utd. Premiership
2004/2005 Sun 26 Dec Blackburn R. 2 - 2 Newcastle Utd. Premiership
Sat 11 Sep Newcastle Utd. 3 - 0 Blackburn R. Premiership
2003/2004 Wed 11 Feb Blackburn R. 1 - 1 Newcastle Utd. Premiership
Sun 28 Dec Newcastle Utd. 0 - 1 Blackburn R. Premiership
2002/2003 Sat 22 Mar Newcastle Utd. 5 - 1 Blackburn R. Premiership
Sat 19 Oct Blackburn R. 5 - 2 Newcastle Utd. Premiership
2001/2002 Tue 23 Apr Blackburn R. 2 - 2 Newcastle Utd. Premiership
Sat 15 Dec Newcastle Utd. 2 - 1 Blackburn R. Premiership
1999/2000 Mon 31 Jan Blackburn R. 1 - 2 Newcastle Utd. F.A. Cup
1998/1999 Sun 16 May Newcastle Utd. 1 - 1 Blackburn R. Premiership
Wed 24 Feb Blackburn R. 0 - 1 Newcastle Utd. F.A. Cup
Sun 14 Feb Newcastle Utd. 0 - 0 Blackburn R. F.A. Cup
Sat 12 Dec Blackburn R. 0 - 0 Newcastle Utd. Premiership
Wed 11 Nov Newcastle Utd. 1 - 1 Blackburn R. League Cup
after extra time, 90 minutes 1-1, Blackburn Rovers won 4-2 on penalties
1997/1998 Sun 10 May Blackburn R. 1 - 0 Newcastle Utd. Premiership
Sat 25 Oct Newcastle Utd. 1 - 1 Blackburn R. Premiership
1996/1997 Thu 26 Dec Blackburn R. 1 - 0 Newcastle Utd. Premiership
Sat 14 Sep Newcastle Utd. 2 - 1 Blackburn R. Premiership
1995/1996 Mon 08 Apr Blackburn R. 2 - 1 Newcastle Utd. Premiership
Wed 08 Nov Newcastle Utd. 1 - 0 Blackburn R. Premiership
1994/1995 Mon 08 May Blackburn R. 1 - 0 Newcastle Utd. Premiership
Wed 18 Jan Blackburn R. 1 - 2 Newcastle Utd. F.A. Cup
Sun 08 Jan Newcastle Utd. 1 - 1 Blackburn R. F.A. Cup
Sun 09 Oct Newcastle Utd. 1 - 1 Blackburn R. Premiership
1993/1994 Sat 19 Feb Blackburn R. 1 - 0 Newcastle Utd. Premiership
Sun 29 Aug Newcastle Utd. 1 - 1 Blackburn R. Premiership
1992/1993 Sat 13 Feb Blackburn R. 1 - 0 Newcastle Utd. F.A. Cup
1991/1992 Sat 15 Feb Blackburn R. 3 - 1 Newcastle Utd. Second Division
Sat 23 Nov Newcastle Utd. 0 - 0 Blackburn R. Second Division
1990/1991 Sat 12 Jan Newcastle Utd. 1 - 0 Blackburn R. Second Division
Sat 01 Sep Blackburn R. 0 - 1 Newcastle Utd. Second Division
1989/1990 Sat 24 Mar Blackburn R. 2 - 0 Newcastle Utd. Second Division
Wed 18 Oct Newcastle Utd. 2 - 1 Blackburn R. Second Division
1983/1984 Fri 20 Apr Blackburn R. 1 - 1 Newcastle Utd. Second Division
Mon 26 Dec Newcastle Utd. 1 - 1 Blackburn R. Second Division
1982/1983 Sat 09 Apr Newcastle Utd. 3 - 2 Blackburn R. Second Division
Wed 01 Sep Blackburn R. 1 - 2 Newcastle Utd. Second Division
1981/1982 Sat 01 May Blackburn R. 4 - 1 Newcastle Utd. Second Division
Sat 05 Dec Newcastle Utd. 0 - 0 Blackburn R. Second Division
1980/1981 Sat 25 Apr Blackburn R. 3 - 0 Newcastle Utd. Second Division
Wed 15 Apr Newcastle Utd. 0 - 0 Blackburn R. Second Division
1978/1979 Wed 25 Apr Blackburn R. 1 - 3 Newcastle Utd. Second Division
Sat 09 Sep Newcastle Utd. 3 - 1 Blackburn R. Second Division
1965/1966 Sat 09 Apr Newcastle Utd. 2 - 1 Blackburn R. First Division
Sat 13 Nov Blackburn R. 4 - 2 Newcastle Utd. First Division
1960/1961 Sat 29 Apr Blackburn R. 2 - 4 Newcastle Utd. First Division
Sat 26 Nov Newcastle Utd. 3 - 1 Blackburn R. First Division
1959/1960 Sat 09 Apr Blackburn R. 1 - 1 Newcastle Utd. First Division
Sat 21 Nov Newcastle Utd. 3 - 1 Blackburn R. First Division
1958/1959 Sat 20 Dec Blackburn R. 3 - 0 Newcastle Utd. First Division
Sat 23 Aug Newcastle Utd. 1 - 5 Blackburn R. First Division
1951/1952 Wed 02 Apr Newcastle Utd. 2 - 1 Blackburn R. F.A. Cup
played at Elland Road
Sat 29 Mar Newcastle Utd. 0 - 0 Blackburn R. F.A. Cup
played at Hillsbrough
1938/1939 Sat 25 Mar Newcastle Utd. 2 - 2 Blackburn R. Second Division
Sat 19 Nov Blackburn R. 3 - 0 Newcastle Utd. Second Division
1937/1938 Sat 26 Mar Newcastle Utd. 2 - 0 Blackburn R. Second Division
Sat 13 Nov Blackburn R. 2 - 1 Newcastle Utd. Second Division
1936/1937 Sat 30 Jan Blackburn R. 6 - 1 Newcastle Utd. Second Division
Sat 26 Sep Newcastle Utd. 2 - 0 Blackburn R. Second Division
1933/1934 Mon 18 Sep Blackburn R. 3 - 2 Newcastle Utd. First Division
Wed 06 Sep Newcastle Utd. 3 - 1 Blackburn R. First Division
1932/1933 Sat 22 Apr Newcastle Utd. 2 - 1 Blackburn R. First Division
Sat 10 Dec Blackburn R. 2 - 1 Newcastle Utd. First Division
1931/1932 Wed 02 Mar Newcastle Utd. 5 - 3 Blackburn R. First Division
Sat 17 Oct Blackburn R. 0 - 3 Newcastle Utd. First Division
1930/1931 Sat 04 Apr Blackburn R. 1 - 0 Newcastle Utd. First Division
Sat 29 Nov Newcastle Utd. 2 - 3 Blackburn R. First Division
1929/1930 Mon 16 Sep Blackburn R. 4 - 2 Newcastle Utd. First Division
Wed 04 Sep Newcastle Utd. 5 - 1 Blackburn R. First Division
1928/1929 Tue 01 Jan Newcastle Utd. 0 - 2 Blackburn R. First Division
Mon 24 Sep Blackburn R. 2 - 0 Newcastle Utd. First Division
1927/1928 Sat 11 Feb Blackburn R. 1 - 0 Newcastle Utd. First Division
Sat 14 Jan Blackburn R. 4 - 1 Newcastle Utd. F.A. Cup
Sat 01 Oct Newcastle Utd. 0 - 1 Blackburn R. First Division
1926/1927 Sat 12 Mar Blackburn R. 1 - 2 Newcastle Utd. First Division
Sat 23 Oct Newcastle Utd. 6 - 1 Blackburn R. First Division
1925/1926 Mon 12 Oct Blackburn R. 1 - 2 Newcastle Utd. First Division
Wed 09 Sep Newcastle Utd. 1 - 7 Blackburn R. First Division
1924/1925 Wed 10 Sep Newcastle Utd. 4 - 0 Blackburn R. First Division
Mon 01 Sep Blackburn R. 1 - 1 Newcastle Utd. First Division
1923/1924 Mon 17 Sep Blackburn R. 2 - 1 Newcastle Utd. First Division
Wed 29 Aug Newcastle Utd. 2 - 1 Blackburn R. First Division
1922/1923 Sat 10 Mar Blackburn R. 1 - 1 Newcastle Utd. First Division
Sat 03 Mar Newcastle Utd. 5 - 1 Blackburn R. First Division
1921/1922 Mon 06 Mar Blackburn R. 0 - 2 Newcastle Utd. First Division
Sat 25 Feb Newcastle Utd. 2 - 0 Blackburn R. First Division
1920/1921 Sat 19 Mar Blackburn R. 3 - 3 Newcastle Utd. First Division
Sat 12 Mar Newcastle Utd. 1 - 2 Blackburn R. First Division
1919/1920 Sat 13 Mar Blackburn R. 2 - 0 Newcastle Utd. First Division
Sat 06 Mar Newcastle Utd. 0 - 0 Blackburn R. First Division
1914/1915 Sat 17 Apr Newcastle Utd. 2 - 1 Blackburn R. First Division
Sat 12 Dec Blackburn R. 2 - 3 Newcastle Utd. First Division
1913/1914 Fri 10 Apr Newcastle Utd. 0 - 0 Blackburn R. First Division
Mon 01 Sep Blackburn R. 3 - 0 Newcastle Utd. First Division
1912/1913 Sat 15 Mar Newcastle Utd. 0 - 1 Blackburn R. First Division
Sat 09 Nov Blackburn R. 2 - 0 Newcastle Utd. First Division
1911/1912 Sat 27 Apr Blackburn R. 1 - 1 Newcastle Utd. First Division
Sat 21 Oct Newcastle Utd. 4 - 2 Blackburn R. First Division
1910/1911 Sat 15 Apr Newcastle Utd. 2 - 2 Blackburn R. First Division
Sat 10 Dec Blackburn R. 3 - 1 Newcastle Utd. First Division
1909/1910 Sat 19 Feb Newcastle Utd. 3 - 1 Blackburn R. F.A. Cup
Sat 08 Jan Newcastle Utd. 4 - 1 Blackburn R. First Division
Sat 04 Sep Blackburn R. 2 - 0 Newcastle Utd. First Division
1908/1909 Sat 24 Apr Blackburn R. 2 - 4 Newcastle Utd. First Division
Sat 19 Dec Newcastle Utd. 2 - 0 Blackburn R. First Division
1907/1908 Mon 23 Mar Blackburn R. 1 - 1 Newcastle Utd. First Division
Sat 26 Oct Newcastle Utd. 3 - 0 Blackburn R. First Division
1906/1907 Mon 01 Apr Newcastle Utd. 3 - 1 Blackburn R. First Division
Tue 25 Dec Blackburn R. 4 - 0 Newcastle Utd. First Division
1905/1906 Mon 30 Apr Newcastle Utd. 3 - 0 Blackburn R. First Division
Mon 01 Jan Blackburn R. 1 - 0 Newcastle Utd. First Division
1904/1905 Sat 01 Apr Blackburn R. 2 - 0 Newcastle Utd. First Division
Sat 03 Dec Newcastle Utd. 1 - 0 Blackburn R. First Division
1903/1904 Sat 02 Apr Newcastle Utd. 2 - 1 Blackburn R. First Division
Sat 05 Dec Blackburn R. 4 - 0 Newcastle Utd. First Division
1902/1903 Sat 18 Apr Blackburn R. 3 - 1 Newcastle Utd. First Division
Sat 20 Dec Newcastle Utd. 1 - 0 Blackburn R. First Division
1901/1902 Sat 04 Jan Newcastle Utd. 0 - 3 Blackburn R. First Division
Sat 07 Sep Blackburn R. 0 - 0 Newcastle Utd. First Division
1900/1901 Sat 05 Jan Newcastle Utd. 1 - 0 Blackburn R. First Division
Sat 08 Sep Blackburn R. 0 - 0 Newcastle Utd. First Division
1899/1900 Sat 13 Jan Newcastle Utd. 4 - 1 Blackburn R. First Division
Sat 16 Sep Blackburn R. 2 - 3 Newcastle Utd. First Division
1898/1899 Sat 08 Apr Newcastle Utd. 1 - 0 Blackburn R. First Division
Sat 10 Dec Blackburn R. 4 - 2 Newcastle Utd. First Division
1897/1898 Fri 30 Apr Newcastle Utd. 4 - 0 Blackburn R. Test Match
Wed 28 Apr Blackburn R. 4 - 3 Newcastle Utd. Test Match
Newcastle's current form is frightening, and perhaps there could be a better day to play Mark Hughes' boys, who are still purring after their 4-1 success over Bolton Wanderers.
Benni McCarthy forced beleaguered Bolton to pay the penalty at Ewood Park as the South African struck home two ice-cool spot-kicks to clinch an incident-packed Lancashire derby.