Former Manchester City striker Roque Santa Cruz put the Qatari-owned outfit ahead on 23 minutes when he found the top corner with a left-footed curler.
Vallodolid scored twice in quick succession after the break, the first goals Malaga had conceded in four matches, to turn the game around.
Ebert was again the provider as Osorio met his cross and headed, beyond Malaga keeper Wilfredo Caballero, into the opposite corner to that which Guerra had found just eight minutes previously.
However, a well-timed change from manager Bernd Schuster helped Malaga regain parity, as Pawlowski levelled the scores four minutes after his introduction from the bench.
Another Schuster substitute, Mounir El Hamdaoui, nearly snatched the visitors victory when he struck the crossbar moments later, but Malaga had to be content with their third draw of the La Liga season.