The late drama was the finishing touch on what had already been an enthralling encounter.
Mark Robins' Sky Blues took the lead through a bizarre Harry Pickering own goal eight minutes into the game.
Callum O'Hare was trying to make inroads towards the Blackburn goal when the ball deflected off the feet of Pickering and past Thomas Kaminski to give City the early lead.
A spirited second-half comeback from Tony Mowbray's men turned the game on its head, though.
Seconds after coming on as a half-time substitute, Bradley Dack stooped low to head in Rovers' equaliser, before Scott Wharton scored a header of his own with 10 minutes on the clock to put Blackburn into a deserved lead.
As has so often been the case this season, though, Coventry had a late reply.
Fankaty Dabo's spotted Gyokeres at the back post, and the Swedish international flung himself at Dabo's cross and nodded in Coventry's latest late goal.
"Coventry City time"
Whilst the a point did nothing to help either side, Sky Blues fans can at least say they have been getting their money's worth this season.
Gyokeres' most recent late goal was Coventry's 16th past the 80 minute mark this season, as per SoccerStats.com.
And the reputation this side are getting for being the masters of the late goal is clearly something they are picking up on.
Coventry's Twitter account dubbed their latest stoppage-time antics as "COVENTRY CITY TIME", whilst Gyokeres himself celebrated his 99th minute leveller by simply tapping his wrist, as though he was checking the time.
99' - COVENTRY CITY TIME!!!!!— Coventry City (@Coventry_City) April 2, 2022
Tavares holds the ball up and cuts it back for Dabo and he picks out Viktor at the back post who heads home!
A disappointing draw for both sides
Whilst the late drama may have provided the entertainment on the day for Sky Blues fans, there can be no doubt that a point benefitted neither them nor Blackburn.
And he was not wrong, the point from the 2-2 draw now leaves Coventry in 11th, six points off the play-offs.
It will be an almighty task for the Sky Blues to haul themselves back into the top six from this position, with seven games to go.
As for Blackburn, the two dropped points could be even more costly.
Mowbray's men remain in a play-off berth, but only by a point.
Below them in seventh is Steve Cooper's Nottingham Forest, who were celebrating a 4-1 win at Blackpool by the time Rovers kicked off in the Midlands.
Play-off picture looking bleak for Rovers
Rovers have now won just one of their last six league matches and Forest are hot on their heels.
The East Midlands club have three games in hand on the Lancashire side and head into the final months of the regular season in much better form.
Forest are unbeaten since January 30 and have won four out of their last five league matches.
In the same time period, Mowbray's side have only won twice, showcasing the contrasting fortunes of these two sides in recent times.
Rovers only saving grace at the moment is their fixtures in the run-in, compared to those that Forest have to face.
The toughest test Blackburn should face between now and the end of the season, is a penultimate weekend clash against fellow promotion-chasers Bournemouth at Ewood Park. The rest of their fixtures are against sides who essentially have nothing to play for.
Forest on the other hand, have a much tougher run-in.
Forest's next outing is a midweek clash against Coventry, who caused Rovers problems on Saturday.
On top of that, they still need to play promotion contenders Luton Town, Fulham and Bournemouth, as well as Swansea City - who just trounced Cardiff City 4-0 in the South Wales derby - as well as West Brom, who look to have finally picked up under Steve Bruce.
However, all we do know at this stage is that it will be an intriguing fight for promotion during the Championship run-in, as it always is.