After overseeing a thumping 5-2 EFL Cup win over Leicester City in midweek, interim boss Ruud van Nistelrooy, in charge of the Red Devils while they club await the arrival of newly-appointed head coach Ruben Amorim, was seemingly on course to register his second consecutive win when captain Bruno Fernandes converted a 70th-minute penalty.
The Portuguese sent Robert Sanchez the wrong way after the Chelsea goalkeeper needlessly clipped the ankle of Rasmus Hojlund inside the area, but Man United's advantage was short-lived as their West London counterparts restored parity in some style just four minutes later.
Indeed, Caicedo - a standout performer for the Blues - pounced onto a loose ball following a corner and nailed a pure right-footed volley low and hard into the bottom corner to ensure Enzo Maresca's side came away with a point from what was a disappointing draw that lacked real quality at both ends.
The draw for Man United means they have made their worst-ever start to a Premier League season after 10 matches, accumulating just 12 points, and they now sit 13th in the table, six points behind Chelsea who have climbed back up to fourth spot.
MAN UNITED VS. CHELSEA HIGHLIGHTS
Bruno Fernandes goal vs. Chelsea (70th min, Man United 1-0 Chelsea)
Sanchez needlessly panicked and made the rash decision to dive at the ankles of Hojlund, who drew the foul inside the penalty area, giving referee Rob Jones no choice but to point to the spot.
Man United skipper Fernandes stepped up and sent Sanchez the wrong way with a calmly-taken spot kick to give the hosts the lead.
Moises Caicedo goal vs. Man United (74th min, Man United 1-1 Chelsea)
Just four minutes later, Chelsea restored parity in some style. Palmer's corner is headed away and it fell nicely into the path of Caicedo, who struck a sweet right-footed volley low and hard into the bottom corner.
MAN OF THE MATCH - MOISES CAICEDO
In a closely-fought contest lacking quality at both ends, it was Moises Caicedo who capped a superb midfield display with a sweetly-struck equaliser to rescue a point for Chelsea.
The relentless, hard-working 23-year-old, who covered so much ground at Old Trafford, made three tackles, three interceptions, three ball recoveries, two clearances and completed 86% of his passes during a standout performance against Man United.
MAN UNITED VS. CHELSEA MATCH STATS
Possession: Man United 46%-54% Chelsea
Shots: Man United 11-12 Chelsea
Shots on target: Man United 4-3 Chelsea
Corners: Man United 4-8 Chelsea
Fouls: Man United 19-14 Chelsea
BEST STATS
WHAT NEXT?
Man United will now shift their attention to European duties and another home match on Thursday night when they take on Greek outfit PAOK in the Europa League.
Chelsea, meanwhile, are in Conference League action in their next match on Thursday when they welcome Armenian side FC Noah to Stamford Bridge.