Danny Graham gave the home side a deserved 41st minute lead, but the match turned on the 59th minute dismissal of Wolves’ winger Rajiv van La Parra.
He looked to be harshly shown a red card by referee Mike Jones after what appeared to be a clash of heads with Bournemouth defender Steve Cook as they both challenged for the ball in the centre of the pitch.
Bournemouth took full advantage of their extra manpower to draw level through Harry Arter’s 74th minute strike before the impressive Matt Ritchie sealed their comeback five minutes from time.
To add to Wolves’ misery they then had left-back Matt Doherty sent-off in stoppage time for a foul on Brett Pitman.
Jones left the pitch to howls of abuse from the Wolves fans and the club’s chairman Steve Morgan even made his way to the touchline to remonstrate with him.
Despite being on such a dismal run, Wolves showed no signs of a lack of confidence in the opening exchanges and almost broke the deadlock in the 16th minute.
Bournemouth goalkeeper Artur Boruc, who had done well to deny James Henry from long range in the eighth minute, failed to hold on to a shot at the near post from debutant Dominic Iorfa.
The ball fell straight to Van La Parra in the six yard box but the angle was too acute for the Dutchman and he shot into the side netting.
Boruc more than redeemed himself to deny Wolves with a stunning one-handed save in the 36th minute.
The lively Van La Parra made strides down the left-wing and crossed for Graham and the striker’s header looked destined to fly in just under the bar but Boruc palmed it to safety.
Two minutes later Callum Wilson failed to hit the target when well placed after good work by Simon Francis and Graham then made them pay.
There was nothing that Boruc could do this time when Graham got the deftest of touches to a cross from James Henry to steer a neat glancing header just inside the far post and grab his first goal since his arrival on-loan from Sunderland last month.
Howe’s side made a fast start to the second-half in a bid to haul themselves back on level terms, with Ritchie’s fiercely hit 46th minute free-kick gratefully held on to by Ikeme at the second attempt.
Bournemouth were then handed a major boost when Van La Parra was dismissed and that predictably led to the Wolves goal coming under siege.
The pressure finally told when Arter pounced on a pass from Andrew Surman on the edge of the area and fired an unstoppable low drive beyond Ikeme.
Bournemouth were dominant at this stage but still had a to find a way past the heroic Ikeme to seal their win.
In a frantic few seconds, Ikeme saved from Ritchie and then Wilson.
But it proved to be third time lucky for Bournemouth when Ritchie blasted the ball through a crowded goalmouth and beyond Ikeme from 14 yards.
There was still time for Wolves to lose another man – Doherty was shown a second yellow as Bournemouth extended their unbeaten run to 11 games.