Mexico needed a victory to maintain their chances of progressing directly from the CONCACAF qualifying zone and must now wait for the last round of fixtures, when they face Costa Rica, to discover their fate.
Attacker Javier Hernandez set up forward Oribe Peralta to finish past goalkeeper Jaime Penedo and fire Mexico ahead five minutes before the break.
Near the hour mark, Hernandez had a golden opportunity to secure the win from the spot, but Penedo saved.
Forward Luis Tejada then silenced the Azteca stadium as he evaded the Mexico defence and beat Guillermo Ochoa to level 10 minutes from the end.
But parity lasted just five minutes before Jimenez, who had only just stepped off the bench, connected with a superb scissor kick to seal the match.
Honduras beat Costa Rica 1-0, giving them the chance to fight for direct qualification going into the final round.
Forward Jerry Bengtson connected with Roger Espinoza's long ball to score the winner near the hour mark.
"This is wonderful and I am enjoying it," he said. "Thank God I could score and give the triumph to my people.
The United States, who had already qualified, saw off Jamaica 2-0 thanks to goals from Graham Suzi and Jozy Altidore.
On Tuesday, Honduras visit Jamaica, Panama meet the USA and Costa Rica host Mexico.
Honduras are in prime position to join America and Costa Rica in sealing direct qualification as they occupy the third and final automatic spot, three points clear of Mexico.
The fourth-placed team faces a play-off against New Zealand, with Panama three points behind Mexico.