The five-time Ballon d'Or winner and his Al-Nassr side visited the league leaders on Friday night.
It was a reunion for the Real Madrid icons, who are the club's all-time leading scorers with a combined 804 goals.
Ahead of the match, the pair embraced in the tunnel as they prepared to lead their teams out as captains.
However, tempers almost boiled over during the second half.
In a frantic 10 minutes, Benzema put the hosts in front before Ronaldo equalised just two minutes later.
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A matter of moments afterwards, though, Ronaldo's Portugal team-mate Otavio clashed with the French forward.
Benzema and the Al-Nassr winger exchanged words in front of the referee before Ronaldo intervened.
The former Manchester United striker could be seen speaking in his old pal's ear before leading him away.
His attempts to calm tensions appeared to work as neither player was dismissed following the incident, instead only being cautioned.
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It would still be heartbreak for Ronaldo, however, as the 39-year-old's hopes of a title slipped further away.
Former Tottenham winger Steven Bergwijn grabbed a stoppage time winner for Al-Ittihad to steal a 2-1 victory.
The result extends their lead at the top of the table, whilst Al-Nassr have now slipped to fourth.
Ronaldo must now overcome an 11-point gap to win his first title since joining Al-Nassr at the start of last year.
Friday's clash was the last before the Saudi Pro League's winter break, with Ronaldo ending 2024 with 43 goals.
It also levelled up his record against Benzema since the pair moved to the Middle East.
Their only previous meeting came on Boxing Day 2023, once again at Al-Ittihad's Prince Abdullah Al-Faisal Sports City Stadium.
Ronaldo scored twice in a 5-2 away victory, but the result was not enough to power his side to the title.
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Instead, Al-Nassr ended the campaign 14 points behind champions Al-Hilal.
Meanwhile, Al-Ittihad finished three places back in fifth, over 40 points off top spot.