The Reds ended the Chiefs nine match winning streak in Super Rugby with a sensational 42-27 victory in Brisbane.
The victory was the Reds third in a row against the Chiefs who have only lost two matches in eleven games this season.
Reds winger Dom Shipperley scored the first try of the match in the third minute for the tournament's defending champions, setting the tone for a free-wheeling match which yielded nine tries.
The defeat prevented the Chiefs from taking the overall lead in the tournament and they now sit a point behind the Bulls from South Africa, while the Reds won for the sixth time in 11 games.
The result helps to open up the race for the Super Rugby play offs as even the Rebels in 12th place can still qualify for the play-offs.
In particular the result helps the Crusaders as the Chiefs missed a chance to move more than a point ahead in the New Zealand conference.
The Reds missed 20 tackles in the first half and were trailing 15-22 at half time after Ben Lucas scored a try in extra time.
The second half was however all the Reds and they made their intentions known from the kick off as Scott Higginbotham scored a try in the first minute of the half.
Earlier the Chiefs had looked set for a 10th consecutive win when they stormed to a 22-8 lead.
After Lucas had scored before the break the Reds surged for 11 minutes into the second half and scored three more converted tries to race to a 36-22 lead.
That culminated a helter-skelter period of 47 points in 21 minutes as the Chiefs conceded their first four-try bonus point of the season against the rampant Reds.
The Chiefs got to within nine points with a 59th-minute try from winger Asaeli Tikoirotuma, but Mike Harris kept the home side handily in front with a drop goal and a penalty in the final 15 minutes.
Harris finished with 17 points from four conversions, two penalties and a drop goal, while Wallaby scrum-half Will Genia scored the pick of the Reds' five tries with a 60-metre runaway effort.
Reds fullback Luke Morahan was fortunate not to receive a yellow card for a tipping tackle on All Black Sonny Bill Williams when the linesman could not identify him as the offending player even though the Chiefs received the penalty.
Morahan further compounded the Chiefs' woes when he brought off two try-saving tackles in the 10 minutes when he chould have been off the field in the sin bin.
The Chiefs paid further for their second loss of the season with All Black outside back Richard Kahui coming off with a dislocated shoulder nearing half-time.
The Reds host the bottom-placed Lions next weekend, while the Chiefs have a bye.
Final Score Reds 42 (15) Chiefs 27 (22)
Tries - D Shipperley, B Lucas, S Higginbotham, W Genia, S. Faingaa
Pen - M Harris 2
Con - M Harris 4
Drop - M Harris
Tries - SB Williams, L Messam, A Taumalolo,A. Tikoirotuma
Pen - A Cruden
Con - A Cruden 2
Referee: Marius Jonker
Assistant Ref 1:Andrew Lees
Assistant Ref 2:Simon Moore
TMO : Steve Leszczynski
1. Ben Daley,2. James Hanson,3. James Slipper,4. Rob Simmons,5. James Horwill (c),6. Jake Schatz,7. Liam Gill,8. Scott Higginbotham,9. Will Genia,10. Ben Lucas,11. Digby Ioane,12. Mike Harris,13. Anthony Faingaa,14. Dom Shipperley,15. Luke Morahan
Replacements :16. Saia Faingaa,17. Greg Holmes,18. Adam Wallace-Harrison,19. Eddie Quirk,20. Beau Robinson,21. Nick Frisby,22. Rod Davies
1. Arizona Taumalolo,2. Mahonri Schwalger,3. Ben Tameifuna,4. Craig Clarke (c),5. Brodie Retallick,6. Liam Messam,7. Tanerau Latimer,8. Alex Bradley,9. Brendon Leonard,10. Aaron Cruden,11. Asaeli Tikoirotuma,12. Sonny Bill Williams,13. Richard Kahui,14. Lelia Masaga,15. Andrew Horrell
Replacements : 16. Hika Elliot,17. Toby Smith,18. Kane Thompson,19. Sam Cane,20. Augustine Pulu,21. Jackson Willison,22. Robbie Robinson