Pressure mounted on Portugal coach Paulo Bento after his side suffered a shock 3-2 loss at home to Ecuador on Wednesday night.
The match got off to an explosive start with Cristiano Ronaldo and Helder Postiga failing to latch onto a cross from Nani just 45 seconds in.
Ecuador then struck just over a minute later when Eduardo misjudged a cross into the area and Antonio Valencia was waiting to head into an empty net.
The stopper then had to tip an effort from Caicedo wide before Ronaldo equalised when he touched the ball away from Valencia's challenge and lashed a shot home.
Postiga then had a penalty shout waved away before the break as the game remained locked at 1-1.
Portugal started the second period brightly and would take the lead when Nani broke down the flank before slipping the ball to Postiga for a simple finish.
The hosts would undo all their good work soon after though when Joao Pereira tried to pass the ball back to his goalkeeper but got it wrong and sent it into his own goal.
Ronaldo, who came into the game with a niggle, was substituted soon after which gave the visitors a bit of a lift and they would soon stun their opponents.
Christian Benitez chested the ball into the path of Caicedo who lashed a thunderous strike that bounced off the turf and past the goalkeeper.
Portugal failed to get themselves back into the game and despite hitting the crossbar with their only real chance of the latter stages, Ecuador would see out a famous win.