A nervous Liverpool went behind early on due to some farcical defending and goalkeeping, before taking a first half lead. A late goal from Ludogorets placed more pressure on the reds - but Liverpool held on for the draw.
The reds now face a final group game against FC Basel that will decide who can qualify for the next stage of the Champions League.
Manager Brendan Rodgers narrowly managed to avoid a 5th consecutive defeat, a record that thankfully remains intact from 1953.
Dejan Lovren, Phillip Coutinho and Adam Lallana were all dropped from the side that lost at Crystal Palace.
Kolo Toure came in for Lovren, Henderson and Lucas were brought into midfield. Steven Gerrard was moved from his holding role and played just behind Rickie Lambert.
Before the game Brendan said that Liverpool's season 'would start here' but the performance was another below par one.
Within 3 minutes the reds were behind. Mignolet failed to deal with a long shot and Dani fired home to send the Bulgarians in to the lead.
In the 8th minute, Lambert scored after a defensive error at the other end. With the ball bouncing in the area, the defender failed to clear and Rickie's header dinked into the corner of the net.
Ludogorets were in charge for large parts of the first half - their pace causing endless problems for the reds defence.
But against the run of play, in the 37th minute, Sterling made a great run and sent a great cross to the far post - Jordan Henderson powered forward and fired in from a tight angle to put the reds ahead.
Second half - more mediocrity. Liverpool conceded plenty of corners. At the other end Raheem Sterling should have scored when he was played in for a one on one with the keeper. The following minute he was subbed off for Alberto Moreno - as the reds sought to see out the final 10 minutes.
But they couldn't. A corner for Liverpool wasn't dealt with and Terziev scored with 2 minutes remaining.
Liverpool saw out the final few minutes. Basel were defeated by Madrid. The reds must now defeat Basel to stay in the competition and reach the knockouts.