With seconds of added time remaining, Gary Doherty brought down the impressive Youri Djorkaeff and Okocha buried the spot kick. There was only time to kick off again before the final whistle sounded.
It was harsh on the American number one who made a string of fine saves as the home side found an extra gear in the second half after we'd edged the first.
With Robbie Keane back in harness with Teddy Sheringham, Simon Davies lively, Steve Carr bombing on down the right flank and Bolton looking to attack from all angles, the first half always threatened goals without delivering.
Bolton started brighter but we soon found our feet and after a couple of half-chances, Keane's goalbound effort in the 19th minute was blocked with Jaaskelainen stranded.
Okocha blasted Bolton's first chance into the stand and then another defensive blow as Ben Thatcher limped out of the action, replaced by Gary Doherty.
Mendy, Pedersen and Poyet might have done better with shots from the edge of the box before the best chance of the half after 35 minutes. Bolton failed to clear Anderton's corner and the ball eventually worked it's way through to Bunjevcevic whose volley was cleared off the line by Frandsen.
The second half was all about Bolton and Keller.
It started painfully when he rushed out to meet Mendy 50-50 and block bravely.
The pressure continued with a couple of daisy-cutters before Pedersen volleyed just wide from Djorkaeff's towering flick on after 71 minutes.
A minute later Barness cut in from the left and his rasping shot was blocked well by Keller and Okocha headed the rebound over.
Bergsson struck the foot of the post from Djorkaeff's corner and Djorkaeff cleverly turned away from King only for Keller to tip over his stinging effort seconds later.
Substitute Pierre Yves Andre was next up to test Keller with nine minutes left, this time the keeper palmed a sweetly-struck shot around the post.
But with the board for two minutes of added time having been showed and a point apiece looking the outcome, Bolton launched a final, telling attack.
Djorkaeff burst into the box, Doherty brought him down and Okocha made no mistake with the very last kick of the game.
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7mins: Quick break, Davies and Keane exchanged passes but final Davies cross intercepted.
11mins: Superb Anderton pass into path of Davies but Laville back in nick of time to tackle in area.
15mins: Poyet couldn't keep header on target from 16 yards from Anderton's corner.
19mins: OFF LINE. Sheringham caused problems for Jaaskelainen from Carr cross, loose ball fell to Keane whose shot was blocked on line.
20mins: CHANCE. From that attack, Ngotty and Pedersen combined to feed onrushing Okocha who blasted decent chance over.
21mins: SUB. Doherty on for injured Thatcher.
25mins: Mendy blasted over from corner of the box.
29mins: Pedersen long run and low drive gathered by Keller.
32mins: Poor header out by Gardner from Davies throw but Poyet skied volley over.
33mins: Sheringham released Carr down right flank, Keane free in the middle but Carr knocked ball too far ahead of him and tackled by Bergsson.
35mins: OFF LINE. Anderton corner completely missed by Bolton defender, Sheringham and Poyet both had efforts blocked and ball eventually fell to Bunjevcevic but volley cleared off line by Frandsen.
38mins: Keller did well to tip dangerous Pedersen cross away from Djorkaeff.
Injury time: The Sheringham corner - skipper shot over from Anderton's pass.
Half-time: Bolton 0-0 Spurs
Half-time: SUB. Barness for Gardner.
57mins: SAVE. Keller out quickly and bravely to meet Mendy 50-50 from Djorkaeff's through ball.
62mins: YELLOW. Doherty for foul on Mendy.
63mins: Appeals for handball as Campo shot blocked.
66mins: CLOSE. Doherty's attempted cross deflected onto the roof of the net with Jaaskelainen struggling.
67mins: Okocha's long-range effort saved comfortably by Keller.
69mins: Djorkaeff run and shot again no problem for Keller.
70mins: Cunning, curling ball by Sheringham intended for Keane cut out by Jaaskelainen.
71mins: CLOSE. Pedersen half-volley from Djorkaeff's flick on inches wide.
72mins: SAVE. Barness cut in from left, rasping shot blocked well by Keller, rebound slightly high for Okocha who headed just over.
73mins: SUB. Andre for Mendy.
74mins: WOODWORK. Bergsson's powerful header from Djorkaeff's corner struck foot of the post.
75mins: SAVE. Djorkaeff spun away from King, rising shot tipped over by Keller.
81mins: SAVE. Raking Okocha pass found Djorkaeff, he teed it up for Andre who switched to his left foot before pwering a shot that Keller superbly palmed around the post.
82mins: Keane finally broke offside trap and was through on Jaaskelainen but first touch let him down.
83mins: Pedersen inches away from Ngotty's near-post cross.
86mins: SUB. Etherington for Anderton.
Injury time: PENALTY. Doherty brought down Djorkaeff, Okocha finally beat Keller with a firmly struck spot kick. Last kick of the game. 0-1.
Line-ups: Bolton: Jaaskelainen, Ngotty, Bergsson, Laville, Gardner (Barness, 45), Campo, Frandsen, Okocha, Djorkaeff, Pedersen, Mendy (Andre, 73). Subs: Poole, Nolan, Ballesta.
Spurs: Keller, Carr, Taricco, Thatcher (Doherty, 21), King, Bunjevcevic, Poyet, Anderton (Etherington, 86) Davies, Sheringham, Keane. Subs: Sullivan, Slabber, Etherington, Toda.
Kasey Keller was finally beaten by the last kick of the game as Jay Jay Okocha's penalty won the points for Bolton.