The Clarets were well in command at the break when leading their rivals 3-1 thanks to Nathan Tella’s double.
The Southampton forward found the net in the 11th and 33rd minute following Josh Brownhill’s sumptuous opener.
Theo Corbeanu was on the scoresheet for the Seasiders in the first half, punishing an unforced error from the home side and finishing past Arijanet Muric.
Vincent Kompany’s side were heading for a first win since the opening day of the season away at Huddersfield Town, but the visitors had other ideas.
Shayne Lavery and Jerry Yates converted from close range in the space of just three minutes to level proceedings.
Both sides then ended the game with 10 men as Ian Maatsen reacted to a reckless challenge from Sonny Carey, which resulted in both players being given their marching orders.
Here are Chris Boden’s player ratings.
5. Ian Maatsen 5
His poorest performance so far, caught out by Gabriel for Blackpool’s second goal, and then reacted angrily to a poor challenge from Carey to get sent off himself. Photo: CameraSport - Alex Dodd
6. Josh Brownhill 7
Took the opening goal superbly for his second of the season, and looks more than capable of double figures. Photo: Ashley Allen
7. Jack Cork 6
Battled for the cause, and helped find the gaps regularly in the first half, but frustrated in the second. Photo: Ashley Allen
8. Josh Cullen 6
Put in trouble by pass from Muric at 2-0, but poor touch saw him dispossessed by Corbeanu, who scored to give Blackpool hope where there was none. Photo: CameraSport - Rob Newell