The Blues got on the board first with a beautiful header from Oscar in the 26th minute. The midfielder received a cross from Juan Mata in the corner and placed it in the upper right corner of the net.
However, the home squad would not go away and fought hard to earn a goal shortly after halftime. Daniel Sturridge finished a Luis Suarez pass close to the net to score in the 52nd minute after coming in off the bench only seven minutes earlier.
This score would only stand for a few minutes, though, as Suarez helped give the lead right back by being called for a handball in the box. Eden Hazard scored on the penalty shot, which was Chelsea's 17th of the EPL season.
Liverpool had numerous opportunities for the remainder of the match as the Reds held possession for much of the final 20 minutes. However, they were not able to get the second goal until the 97th minute.
On the final hurrah for Liverpool, Suarez headed in the game-tying goal off Petr Cech to end the match 2-2.
This finish will be even more controversial after the forward appeared to bite an opponent and was not penalized, according to Dan Levene of the Fulham Chronicle:
You can view the incident here, courtesy of TheScore.com:
Unsurprisingly, people around the world took to Twitter to discuss the situation. Some were confused, like CNN's Piers Morgan:
Others were angry at the situation, like Dave Morrissey:
Lastly came the photos, which featured some humorous tweets:
This will remain a disappointing final for Chelsea, who needed this win to keep pace with Arsenal, who earned a 1-0 win over Fulham on Saturday. Tottenham also earned a surprise victory over Manchester City earlier on Sunday.
The Blues now stand in fourth place with 62 points and only five Premier League matches left in the season. They are four points behind Manchester City and only one ahead of Arsenal.
They will hope to get more points in the next league match against Swansea City at home on April 28.
As for Liverpool, the club remains in seventh place and is likely too far out to move up to one of the top spots in the table. Still, this should be one of the highlights of a forgettable 2012-13 season.
Daniel Sturridge, Liverpool: A
The former Chelsea player did well against his old club, scoring almost immediately upon coming into the match for Philippe Coutinho.
This was only Daniel Sturridge's 11th appearance for Liverpool on the year, but he seems to be a great acquisition already with six goals in that time. He also was responsible for the assist in the final seconds of the match.
He is usually in the right spot at the right time to finish around the net, and this ability will give his club plenty of opportunities to win in the future.
Luis Suarez, Liverpool: B
There were a lot of good moments for the EPL's leading scorer. He often pushed the action and gave his club plenty of scoring opportunities throughout the match.
In addition, he scored the game-tying goal extremely late in the second half.
Unfortunately, he also had plenty of plays that he wishes were forgotten. From the handball and ensuing yellow card that led to the Chelsea goal to assorted passes that were missed near the net, the match was far from perfect.
He also had the biting incident, which will certainly be examined over the next few days.
The finish was strong, but this was not his best performance from beginning to end.
Oscar, Chelsea: A
Not only was Oscar able to score for only the second time in the Premier League season, but he was solid on the offensive end throughout the match.
The youngster was aggressive from the start and not shy about attempting shots whenever he saw an opening. This style kept Liverpool's defense on its toes, and it led to more scoring opportunities for his teammates.
He was also strong on the defensive end, challenging players for the ball and preventing strong attacks.
This is the type of performance that makes people believe he can be a big-time player in the future.
Petr Cech, Chelsea: B-
After earning a clean sheet against Fulham in the last match, Petr Cech was impressive once again for most of the match against Liverpool.
The goalkeeper had a few tough plays to make with the opponent attacking, and he ended with six saves on the day. He also stopped some opportunities before Liverpool was able to get a shot off.
Unfortunately, he was unable to prevent Liverpool from tying the match late. The first goal would have been tough to stop, but the second went off his chest and into the net.
We have seen better from one of the top goalies in the world.