Rangers were expected by many to pick up all three points from the encounter at the Falkirk Stadium.
Mark Warburton’s took the lead as early as the seventh minute when Kenny Miller found the target.
The Gers went 2-0 up just two minutes later through Barrie McKay, and it appeared that they were going to score two or three more goals.
However, Rangers collapsed in the final 20 minutes of the game to lose 3-2, as Blair Alston, Myles Hippolyte and Bob McHugh found the target for the home team.
Former Rangers attacker Lovenkrands was following the match, and he was stunned with the way the Glasgow giants conceded three late goals.
Rangers are at the top of the Scottish Championship table at the moment with 72 points from 29 matches, 11 points clear of second-placed Falkirk with a game in hand.