A Yasushi Endo penalty put the Japanese outfit ahead at the Kashima Soccer Stadium after 19 minutes, only for Elkeson to level matters in the 74th minute.
Toninho Cerezo's side entered the encounter without a win thus far in the competition, but they would not be denied on this occasion, with Takasaki's last gasp effort grabbing the victory for the home side.
The visitors started well but went a goal down in the 19th minute through an Endo penalty kick after a cross hit the arm of Kim Young-gwon, who was standing just inside the 18-yard area. Endo stepped up to give his side the 1-0 lead.
Guangzhou almost equalised in the 34th minute when Elkeson's free-kick was brilliantly saved by a diving Hitoshi Sogahata, to keep his side in the lead.
Ricardo Goulart headed wide just before half-time with Kashima's defence able to keep the Brazilian striker quiet for much of the first 45-minutes.
Kashima nearly doubled their lead early in the second half but were denied by goalkeeper Li Shuai, who saved from Takahide Umebachi's low angled shot.
With 16 minutes remaining Guangzhou were on level terms when Elkeson held off defender Gen Shoji on the six-yard-area to prod home Gao Lin's cross.
Kashima, however got the winner in the fourth minute of stoppage time when substitute Takasaki headed home Shibasaki's free-kick with the final whistle sounding before Guangzhou were able to kick-off.
The result means Kashima are two points behind second placed duo Western Sydney Wanderers and FC Seoul after the pair earlier shared a 1-1 draw in Australia.
Guangzhou, however remain four points clear at the top of the table with two games remaining.