Two goals from Mark Molesley and a header from Matt Tubbs saw the Cherries earn the point, while the Hatters' strikes came from a Ryan Garry own goal, Kevin Gallen's free-kick and a Paul McVeigh penalty.
The result means that games involving the bottom three have all ended 3-3 so far this season.
After an uneventful start, the Hatters were handed the lead in the 18th minute when Garry needlessly sliced the ball into his own net.
There had seemed little danger when Lewis Emanuel lifted the ball into the penalty area from the left but, without a Luton player near him, Garry panicked and got his attempted clearance all wrong sending the ball into his own net off the foot of the post.
The mishap only inspired the visitors though and two minutes later the Cherries were level when Molesley out-muscled teenager Jake Howells to reach a long ball down the right flank and then cut inside, before beating Conrad Logan at his near post with an eight-yard left-footed shot.
Bournemouth pressed on and twice went close to extending their lead in a matter of seconds in the 23rd minute. Firstly Logan had to move smartly off his line to stop Tubbs reaching Danny Hollands' clever through ball and moments later Josh McQuoid rattled the outside of a post with a 25-yard drive.
Logan then had to fling himself full-stretch to keep out Shaun Cooper's long-range effort two minutes later before Luton skipper Kevin Nicholls, just back from a hamstring injury, was forced to limp out of the action.
The home side recovered from their wobbly spell to create an opening for Chris Martin, who headed wide from ten yards after McVeigh's cross from the right in the 27th minute.
Sixty seconds later Bournemouth almost conspired to produce their second own goal of the evening, when Scott Guyett's wayward back-pass rolled past Shwan Jalal, only for the goalkeeper to recover and clear the danger.
The half ended with the visitors on the attack and dangerman Molesley forcing Logan into a diving save with a 22-yard strike.
Molesley was at it again six minutes after the re-start as he got his second of the night to put the visitors ahead.
Claude Gnakpa lost the ball down Luton's right and the Cherries broke swiftly with the move culminating in Lee Bradbury prodding to Molesley, who ran into the penalty area and coolly dummied Logan, before rolling the ball into the empty net, left-footed from 14 yards.
The lead was short-lived as substitute Rossi Jarvis went down on the edge of the area and MK Dons loan man Gallen powered the resulting free-kick through the arms of Jalal for his first Hatters goal.
Chances passed at both ends before Bournemouth struck again in the 76th minute when a quick throw-in from Molesley allowed Bradbury to cross for Tubbs to glance home into the corner from six yards.
However, McVeigh rescued a point for Town with just five minutes left to play, slotting home from the spot after Guyett had fouled Martin in the area.