Mascherano, 40, is a former teammate of Miami star Lionel Messi. The two were teammates at FC Barcelona from 2010-18.
Miami had won the regular season campaign with a record points total but after losing twice in the best-of-three series, the MLS Cup favourites and their eight-times Ballon d'Or winner are out.
Portuguese winger Xande Silva blasted home a sensational winner for Atlanta in the fourth minute of stoppage time in front of 68,455 home fans at the Mercedes-Benz Stadium to level the best-of-three postseason series 1-1 and set up a winner-take-all game three in Miami next Saturday.
Miami started with all their big-name stars, including Lionel Messi, on the bench but the Argentine was introduced in the 61st minute to the delight of many in the Toronto crowd.
Messi had been subdued until the 45th minute when he put Inter ahead -- chesting down a long ball into the box and getting a lucky bounce off Crew defender Malte Amundsen before poking home.
Messi tied Saturday's match in the 67th minute when he lasered a shot from beyond the box that evaded diving Charlotte goalkeeper Kristijan Kahlina to make it 1-1.
Inter Miami's charge towards Major League Soccer's single-season points record suffered a setback on Saturday after a last-gasp injury-time equalizer from James Sands snatched a 1-1 draw for New York City FC against the Eastern Conference leaders.
The Argentinian superstar Messi came close to a game-clinching goal in the 83rd, but his angled effort was blocked by Atlanta goalkeeper Brad Guzan and Suarez's attempt to tap in the rebound was also denied.
The eight-times Ballon d'Or winner hadn't played since injuring his right ankle during the Copa America final on July 14, when he helped Argentina to victory over Colombia.
Both finishes came from close range from the Argentine who made it three wins out of three at a team which was winless in 11 league games before his arrival.
Spain full-back Jordi Alba says he is targeting more trophies after re-uniting with former Barcelona teammates Lionel Messi and Sergio Busquets at Inter Miami.
Inter Miami co-owner Jorge Mas spoke to the Offside with Taylor Twellman podcast, and revealed that the American club will help Messi return to Camp Nou in some capacity.
Barcelona president Joan Laporta said that the Spanish club ‘did everything’ they could but still failed to re-sign Lionel Messi this summer.
The seven-times Ballon d'Or winner and recently crowned World Cup-winning Argentine captain, faced a number of potential pitfalls when he joined the last-placed club in Major League Soccer
The Argentine World Cup-winner was handed his first start for his new club after coming off the bench and grabbing a 94th-minute winner in Friday's game against Mexican club Cruz Azul
Martino also confirmed that World Cup winner Messi will be the new captain of Inter Miami
So much of the focus since Messi said he was moving to Miami from Paris Saint-Germain has been on what the move will mean for Major League Soccer and for the business of soccer in the USA
Lionel Messi made a Hollywood start to his career in America, scoring a last-second winner in his debut game for Inter Miami on Friday.
Not even the pouring rain could spoil Messi's welcome party last weekend in Fort Lauderdale, Florida, where the new face of Major League Soccer (MLS) was introduced to a packed stadium of adoring fans
