Scott Robertson opened the scoring for Hibs just before the interval, but Christian Nade ensured Raith left Easter Road with a point after he levelled the match on 68 minutes.
Robertson struck with a minute of the opening half remaining when he crashed in a close-range shot.
But former Hearts striker Nade found the bottom corner after taking a pass from Ryan Conroy.
Hibs started brightly and a Jason Cummings shot from close range was saved by Ross Laidlaw with the ball heading for the top-left corner.
Liam Craig then sent a shot just wide of the target for Hibernian, but Paul Watson went close for Rovers in between those chances with a header.
Towards the end of the half Paul Hanlon also caused some panic for the visitors when he headed wide from inside the box.
But Hibs survived a bigger scare on 42 minutes when Barrie McKay smaked the crossbar with a shot from outside the box.
After the break the Conroy forced Mark Oxley into a save with a snap shot from inside the penalty area.