Wycombe saw their two-goal lead pegged back in an enthralling second half at the Liberty Stadium, with Admiral Muskwe and Garath McCleary on target for Gareth Ainsworth's men.
After an impressive first-half showing, in which the Blues could have been awarded a penalty for a handball for Matt Grimes, Muskwe lit up the game with a superb strike just 15 seconds after the interval.
McCleary's powerful low drive doubled the lead as Wycombe stunned the promotion hopefuls, but the home side clawed their way back through Jamal Lowe's penalty and Liam Cullen's close-range header.
Wanderers made two changes to the side that succumbed to defeat to Luton seven days earlier, with Josh Knight absent due to suspension while Anis Mehmeti also moved to the bench, with Joe Jacobson and Garath McCleary bringing experience into the starting XI.
An early sign of the visitors' counter-attacking intent came inside 90 seconds when Gareth Ainsworth's men left three players high up the pitch when defending a set-piece, and David Stockdale's quick distribution to Fred Onyedinma down the left was clear evidence of a gameplan to catch the Swans cold when Wycombe were able to seize possession.
Swansea were forced into a change just nine minutes in when Andre Ayew collected a muscle strain and couldn't continue, prompting Wayne Routledge's arrival into action from the bench.
The hosts upped the pressure and were presented with a big chance for Connor Roberts, whose on-target shot was expertly diverted behind by David Stockdale's outstretched leg, before Conor Hourihane's rocket from distance flew just wide.
But then Wanderers swung momentum in their favour, with Admiral Muskwe's low drive striking a Swansea hand in the box and not quite falling kindly enough for either Uche Ikpeazu or Garath McCleary to convert.
Dennis Adeniran then went close twice in quick succession, firstly steering wide after Curtis Thompson's excellent work to shrug off two tackles down the left, before seeing a shot blocked after neatly fashioning the chance for himself following Stockdale's free-kick.
But for all their hard work in getting on top of the game, they almost came unstuck when a slip at the back allowed City to venture forward two-on-two, and fortunately Roberts' shot after cutting inside was comfortable enough for Stockdale to hold.
Muskwe had a shot saved at the near post after neat play between Onyedinma and Ikpeazu down the left, before Jay Fulton headed Swansea's final chance of the half wide from Hourihane's corner.
But the frantic end to the first half was bettered by an incredible opening to the second. Just 15 seconds were on the clock when Admiral Muskwe traded passes with Ikpeazu and belted home an unstoppable left-footed drive from 20 yards; his second goal in as many away games.
Swansea could have been level when Jamal Lowe's first chance of the game was denied by Stockdale's right boot in a crowded box, before Wycombe went up the other end and created a succession of chances from set pieces leading up to their second goal.
Anthony Stewart's header was cleared off the line but the resulting corner was played short and ultimately worked to Garath McCleary, who unleashed an unstoppable low drive into the far corner.
Swansea were shell-shocked, and needed changes, which arrived when boss Steve Cooper made a triple sub to bring Yan Dhanda, Korey Smith and Morgan Whittaker into the fray.
They almost halved the deficit when Jamal Lowe rounded Stockdale but found the angle too tight, and by the time he'd cut back to get his shot away, the keeper had recovered to make a superb block before Jason McCarthy cleared Routledge's follow-up off the line.
McCarthy's low cross-shot after a flowing move, and Ikpeazu's turn and shot soon after, saw the Blues come close to stretching their lead further, but Swansea were literally handed a lifeline when referee Stroud spotted a handball by McCarthy in the box and Lowe blasted home the penalty with just over 10 minutes remaining.
Moments later, it was 2-2. The cross from the right was as inviting as they come, and young sub Liam Cullen attacked it well to head home from close range.
Game well and truly on. Adebayo Akinfenwa entered the field for the Blues and nodded a deep cross back into danger for Muskwe, who could only fire wide on the turn.
Fred Onyedinma headed wide and saw a low shot blocked in seven minutes of stoppage time, but neither side could find the winner they needed.