Lamine Yamal had given the Catalans a fourth-minute lead inside Estadio Metropolitano, before Ferran Torres doubled the advantage in the 24th minute thanks to Dani Olmo’s assist.
However, the former Africa Player of the Year reduced the deficit seven minutes later in the goal-laden first half.
Profiting from a low pass from Marcos Llorente, Lookman drilled home from close range to put Diego Simeone’s men back in contention.
With that, he eclipsed Victor Ikpeba’s mark of seven goals in the tournament with his eighth strike in 21 appearances in the Champions League.
Only Galatasaray star Victor Osimhen and former Inter Milan striker Obafemi Martins are the only Nigerians with more in the competition’s history with 16 goals and nine goals respectively.
Eric García’s 80th-minute dismissal for a foul on Alexander Sorloth further dented Barcelona’s hopes of a late surge, as they ultimately crashed out 3–2 on aggregate.
That was the third time the Rojiblancos have eliminated the Catalan giants at this stage, having previously achieved the feat in 2014 and 2016.
Aside from his goal, Lookman delivered an impressive all-round performance, as reflected in the statistics before he was substituted in the 66th minute for Nicolas Gonzalez.
Since joining the LaLiga side from Atalanta on a four-and-a-half-year contract, the Super Eagles forward has been in fine form. He scored on his debut against Real Betis before equalling Atletico Madrid’s best start set by Luis Suarez in the 2020/21 season.
“It was a bit of a rollercoaster. Obviously, going 2-0 down was tough, but it was a game of two halves, really,” he told TNT Sports.
“We stuck in there, we dug in, and even though we didn’t win tonight, the important thing is that we’re through to the semi-finals.”
Meanwhile, Atletico boss Simeone, reflecting on his side’s tactical evolution and their ability to overcome Barcelona across different eras, emphasised that the team now prioritises a more offensive philosophy.
"Knocking Barca out in the Champions League quarter-finals isn't easy. We've faced (Lionel) Messi's Barca, Yamal's Barca, and we've done it," the Argentine told the media.
"It's been 14 years. Seeing the team compete still makes me emotional. The players have changed, we've started again so many times, and once again we're among the four best teams in Europe. How good is it to play a Champions League semi-final!"
Atletico Madrid will face either English side Arsenal or Sporting CP in the semi-final for a chance to reach the final.