With both sides coming into this game in good form, the attacking intent was plentiful, and Monaco should have taken the lead after just five minutes played, when Denis Zakaria somehow headed over the bar from inside the box, following an exquisite delivery by Caio Henrique on the left flank.
The reigning European champions almost made Les Rouge et Blanc pay for that miss instantly, but Philipp Kohn came to Monaco’s rescue with a vital block, which prevented Achraf Hakimi from edging Les Parisiens ahead.
Sebastien Pocognoli’s team fully capitalised on those heroics in the 27th minute - albeit thanks to a dreadful mistake from PSG’s Warren Zaire-Emery.
The France international dribbled with the ball inside his own penalty area, but a heavy touch enabled an interception where Balogun found Maghnes Akliouche, who lashed the ball home in off the post for his fifth Ligue 1 goal of the season.
Despite the hosts having 73% of the first-half possession, they had nothing to show for it, giving Luis Enrique much to ponder at the break.
However, things would soon go from bad to worse for PSG, as Monaco found themselves two goals in front 10 minutes after the restart.
Following a deflection from Vitinha inside his own area, the ball arrived at the feet of substitute Aleksandr Golovin, and he made no mistake in finding the bottom corner from just over 12 yards out.
Golovin’s second-half introduction was clearly an inspired one as only a tremendous save by Matvey Safonov prevented the Russian midfielder from extending the visitors’ lead in sensational style only a couple of minutes later.
The drama intensified with just under 20 minutes left as the hosts grabbed a precious goal to halve the deficit, as Bradley Barcola’s deflected strike did just enough to beat Kohn at his near post.
The script indicated a stirring comeback for Enrique’s side, but Pocognoli’s side proceeded to tear that up in emphatic fashion, as Balogun’s wonderful finish from over 20 yards restored Monaco’s two-goal advantage after 73 minutes.
Balogun’s goal completely knocked the stuffing out of PSG, and the ailing champions came close to conceding a fourth late on, when Simon Adingra’s effort rattled off the bar.
PSG’s surprise home defeat means that Les Parisiens remain four points clear at the top of Ligue 1, but a victory for RC Lens over FC Metz on Sunday would close that gap to just one.
Meanwhile, Monaco’s latest win sees Les Rouge et Blanc move up to fifth position and boosts their hopes of qualifying for next season’s UEFA Champions League.
Flashscore Man of the Match: Folarin Balogun (Monaco)
