Bryson Rose's 31 yard field goal sailed through the uprights as time expired to win the game and it may have also expired Arkansas' bowl hopes.
Ole Miss beats the Hogs 30-27.
With the loss, the Razorbacks now own a 3-5 overall record, 2-3 in SEC play.
They would need to win three of their final four, including three ranked opponents, to become bowl eligible.
Minutes earlier, senior Dennis Johnson scored the game tying touchdown from five yards out.
The running back rushed for a career high 161 yards on 27 carries, with his best runs coming on that drive.
Tyler Wilson did not play his best game for the Razorbacks.
After a hot start, including a beautiful 42 yard touchdown pass to tight end Chris Gragg, the senior struggled with his accuracy.
He finished 24-43 for 297 yards, two touchdowns and two interceptions.
Wilson continued his strong connection with receiver Cobi Hamilton who caught 12 passes for 146 yards, his third 100+ yard performance of the year.
Quarterback Bo Wallace triggered the Rebel offense completing an efficient 29-37 passes for 278 yards, one touchdown and one interception.
Arkansas is back in action next week hosting Tulsa.
Stay tuned to the Razorback Nation on KNWA and KARK for complete post game reports.