Former Barnsley boy George Williams seemingly sent the U’s to their first league win over the Owls in 44 years with his first league goal since August 2019. But Dele-Bashiru sent the near 2,500 visiting fans home with something from the Abbey Stadium.
The hosts’ early dominance told in the 20th minute as Williams met Adam May’s corner at the front post to give Mark Bonner’s side a deserved lead.
Owls came close to an equaliser when Lewis Wing was frustrated by a brilliant save from Bulgarian goalkeeper Dimi Mitov.
And they went even closer when Fisayo Dele-Bashiru’s powerful strike hit the post.
After the break, midfielder Barry Bannan had a long-range effort kept out by Mitov as Darren Moore’s side desperately tried to get back into the contest.
Shot-stopper Bailey Peacock-Farrell produced a good save to stop May putting the game to bed.
But Dele-Bashiru opened his Owls’ account in fine style as he levelled with 10 minutes to go.
And Moore’s side looked the more likely to nick a late winner Liam Palmer forced Mitov into a good save.
Cambridge: Mitov, Williams, Jones, Masterson, Iredale, Weir, May, Digby, Brophy (Dunk, 84), Ironside, Smith (Tracey, 84). Unused substitutes: McKenzie-Lyle, Knibbs, Davies, Okedina, Worman.
Sheffield Wednesday: Peacock-Farrell, Iorfa, Dunkley, Palmer, Hunt (Shodipo, 70), Bannan, Wing (Adeniran, 59), Johnson, Dele-Bashiru, Paterson (Berahino, 59), Gregory. Unused substitutes: Corbeanu, Wildsmith, Brown, Kamberi.
Referee: S Oldham (Lancashire).