Bolton moved up to third place in the Premiership table thanks to a quick-fire brace from El-Hadji Diouf.
Two second-half goals from Diouf won the game for Bolton
A dominant Newcastle side had taken the lead when Shola Ameobi hit home a penalty after Abdoulaye Faye was judged to have handled Obafemi Martin's cross.
But Diouf turned the game on its head in the second half with two goals in two minutes, first turning in Nicolas Anelka's cross and then heading home.
Martins later saw a drive deflected but Newcastle could not find the equaliser.
Newcastle boss Glenn Roeder will wonder what his team have to do to hold on to a lead after, just as against Fulham and Everton, they failed to close out the match.
The home side had taken the game to Bolton, with the front pairing of Ameobi and Martins muscling out Bolton's defence in a high-tempo start.
Emre and Peter Ramage showed great vision, sending looping balls into the box for the waiting strikers but neither managed to conjure a clean shot on goal.
A rampant Newcastle were given the chance to breach Bolton's defences when Faye was judged to have clipped Martin's cross to Ameobi with his arm.
Although it looked like an accidental handball, the referee waved to the spot and, after jiggling his feet, Ameobi coolly slotted the ball into the right-hand corner of the net as Jussi Jaaskelainen went to ground in the opposite direction.
Anelka, still searching for his first Premiership goal for Bolton, was left to plough a lone furrow up front for the visitors.
Bolton's best chance was smothered by some quick-thinking from Newcastle keeper Steve Harper.
After blocking a mis-hit from his captain Scott Parker, Harper palmed away Kevin Davies' effort and then stretched to punch the ball away from Anelka's feet.
Minutes later at the other end, Magpies defender Ramage failed to keep his head, rashly hitting the ball high and wide when presented with a golden chance from six yards out.
Immediately after the restart, Bolton found themselves on the back foot when Martins forced Jaaskelainen to edge his strike to safety.
However, when Bolton began to apply some sustained pressure of their own, Newcastle's fragile defence leaked two goals in two minutes.
Stephen Carr allowed Faye's high ball to find Anelka and the Frenchman crossed to Diouf, who rolled the ball home to equalise from six yards.
Ivan Campo pumped his long free-kick into the box and an unmarked Diouf picked up Davies' knock-on to head home for Wanderers' second.
Newcastle offered little in return and although Martins came close with a long-range drive, they could not unlock the Bolton defence again.
Newcastle: Harper, Carr, Moore, Bramble, Ramage, Solano (N'Zogbia 67), Parker, Emre (Rossi 84), Duff, Ameobi, Martins.
Subs Not Used: Srnicek, Sibierski, Taylor.
Booked: Solano, Emre, Moore.
Goals: Ameobi 19 pen.
Bolton: Jaaskelainen, Hunt, Meite, Faye, Ben Haim, Nolan, Campo, Speed, Davies, Anelka, Diouf (Giannakopoulos 87).
Subs Not Used: Walker, Fortune, Vaz Te, Tal.
Booked: Speed, Diouf, Nolan.
Goals: Diouf 55, 57.
Ref: A Wiley (Staffordshire).