Aaron Judge hit his third homer of the series and Trent Grisham had a two-run single for the Yankees, who won for only the second time in eight games following an 8-2 start.
Mike Trout hit his fourth homer in three games, putting the Angels ahead 4-3 with a two-run drive in the fifth.
That was still the score when Jazz Chisholm Jr. popped up to the left side with one out and nobody on in the ninth. But shortstop Zach Neto and ex-Yankees third baseman Oswald Peraza miscommunicated, and the ball dropped right between them on the infield dirt for a gift single as Neto put his hands on his head.
That came back to bite the Angels, who had played outstanding defense all night to that point.
Austin Wells worked a full-count walk against closer Jordan Romano (0-2), and both runners were attempting to steal when Caballero lined a 1-2 slider into left-center.
Chisholm easily scored the tying run and third-base coach Luis Rojas aggressively waved Wells home. The catcher barely beat Neto's relay throw to the plate with a feetfirst slide, and the safe call was confirmed after a replay review.
It was the second blown save and loss in the series for Romano, who squandered a two-run lead in the ninth inning of Monday night's 11-10 defeat.
David Bednar (1-2) struck out two in a perfect inning for the win, helped by a fine defensive play at shortstop from Caballero.
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Adam Frazier and Logan O'Hoppe each hit a solo homer off Yankees starter Luis Gil to help the Angels erase an early 3-0 deficit. It was the first home run at Yankee Stadium for O'Hoppe, who grew up about 45 miles away on Long Island.
Judge sent an opposite-field solo shot to right in the first for his seventh home run this season and fourth in four games.
Angels starter Jack Kochanowicz went 6 2/3 innings, allowing four hits and four walks with six strikeouts.
After the game, manager Aaron Boone said Yankees ace Gerrit Cole, coming back from Tommy John surgery, will make his first minor league rehab start Friday for Double-A Somerset.
Up next
Yankees ace Max Fried (2-0, 1.93 ERA) pitches Thursday afternoon in the finale of the four-game series. Los Angeles was undecided on a scheduled starter.
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