Penrith came back from a first half deficit to post a win for the first time this season, but lost some of their stars in the process.
Down 12-6 at half-time, the Panthers fought back with two tries in the space of 10 minutes in the second half to take an 18-12 lead.
When Luke Walsh potted a field goal with 11 minutes to go, it opened up a 7-point lead and all but ensured victory for Penrith.
A try in the dying minutes to the Green Machine gave the Raiders some hope, but they couldn't score in the final minute and went down 19-18.
Penrith's growing injury list took a further hit, with Trent Waterhouse leaving the field in the second half with a serious knee injury. It appears as though the veteran second rower may have played his last game for the Panthers.
Captain Petero Civoniceva also suffered what appeared to be a knee injury.
Earlier, Penrith's Toyota Cup side continued on their winning ways with a 42-34 come-from-behind victory over the Raiders.
