Huddersfield have now not lost in 40 regular season league games, but had to come from behind in North Lincolnshire and rely on two spot-kick saves from goalkeeper Ian Bennett to rescue them from defeat.
The Iron struck first after 10 minutes with a spectacular effort from on-loan Manchester United midfielder Oliver Norwood, who thundered a 30-yard effort past Bennett after the referee Eddie Ilderton played advantage to the home side..
Huddersfield were rewarded with a 25th-minute equaliser from Tommy Miller, who found a top corner from 25 yards.
Sam Slocombe, who kept his place in goal as Sam Johnstone was still ruled out with a dislocated finger, had no chance.
Scunthorpe who missed the chance to go back in front in the 36th minute when striker Chris Dagnall saw his penalty turned away by Bennett after he had been brought down in the box by Antony Kay.
The game continued to swing from end to end in the second half and it took a good save by Slocombe to prevent Alan Lee nudging Huddersfield in front.
Scunthorpe who had another golden chance to snatch victory in the 73rd minute when referee Eddie Ilderton pointed to the spot again for a challenge by Peter Clarke on Dagnall.
This time Michael O'Connor stepped up to take the spot kick, only to see it kept out by Bennett. O'Connor's effort was at a comfortable height for the keeper to turn away.
Rhodes seemed to have snatched victory for Town when he vollyed them in frongt from close range after 86 minutes with his ninth goal in the last four games.
But two minutes later Dagnall broke into the box along with Andy Barcham, but did not need to play in his teammate and slotted the ball home to rescue a deserved point for Scunthorpe.