Rovers dominated both halves but failed to capitalise on an 11th-minute goal from Armand One.
Forfar took heart from the dismissal of Iain Davidson in the second half and perhaps just about deserved a point for the way they clung on.
Raith's opener came after the home side carelessly gave the ball away in midfield and Davidson sent a low centre across for One to flick home from close range.
The visitors tried time and time again, but a combination of good goalkeeping from Sean Murdoch and poor finishing always kept Forfar in the match.
The pattern of play continued after the break and Hjalmar Thorarinsson almost walked the ball into the net after a fine run, but Murdoch blocked his final effort.
One missed a clear-cut chance when clean through, but somehow managed to shoot against the keeper's legs.
Thorarinsson was then booked for diving when he was challenged by Murdoch, with the bulk of the ground convinced the Raith player had won a penalty.
Forfar took heart from these let-offs and were further spurred on when Davidson collected a second caution in the 77th minute.
With just two minutes left Gary Lynn crashed a great free-kick off the crossbar and Gregory Tade reacted first to head the rebound to Paul Tosh, who thumped high into the net from a couple of yards.