Both sides needed the points for differing reasons, Luton to keep alive their hopes of reaching the play-offs and Cheltenham to aid their battle against relegation.
Luton goalkeeper Carl Emberson was forced to make two notable saves early in the game from Martin Devaney, but it was the visitors who took the initiative by scoring a goal from a well-constructed move after 12 minutes.
On-loan midfielder Sammy Igoe charged forward and supplied Adrian Forbes down the right. His cross to the far post was swept in by Paul Hughes.
Cheltenham equalised from the penalty spot in the 27th minute after John Finnigan had been felled in the box by Kevin Nicholls, Grant McCann scoring the goal, but Luton regained control in the period before half-time.
They regained the lead when substitute Ian Hillier, on for the injured Russell Perrett, crossed from the right and Forbes stole in behind a hesitant defence to slide in and score.
Cheltenham boss Bobby Gould sent on the tried and trusted 'little and large' partnership of Julian Alsop and Tony Naylor for the closing minutes as part of a three-man forward line.
The move paid off nine minutes from time when Alsop climbed above the defence to head a Jamie Victory cross in off the far post.
Mark Yates could even have won the game for the home side moments later when his close-range shot was cleared off the line by Sol Davis.
"Luton are a good side, full marks to them, but we gave them some problems," said Cheltenham boss Bobby Gould.
"We were up against it at times but we threw everything forward at the end and it paid off. We are still in there and fighting." Luton manager Joe Kinnear said: "We wanted the win but we probably didn't do Cheltenham any favours either.
"I thought we played well and the only thing that disappointed me was the way we defended for their second goal."