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.
Inter Miami, without Lionel Messi, lost 2-1 at home to Mexico's Monterrey in the first leg of their CONCACAF Champions Cup quarter-final on Wednesday with Argentine Jorge Rodriguez scoring a superb 89th-minute winner.
Luis Suarez bagged his fifth goal of the season as Inter Miami were held to a 1-1 draw against New York City FC in Major League Soccer on Saturday.
Lionel Messi said that he would have retired from international football if Argentina had not won the 2022 World Cup in Qatar.
The New England Revolution are on track to break a 22-year-old attendance record when Lionel Messi and Inter Miami visit on April 27.
Miami, missing the injured Lionel Messi, were torn apart at New York's Red Bull Arena as former Inter player Lewis Morgan scored a superb hat-trick.
Suarez continued his prolific start to life in MLS with his sixth goal in seven games in all competitions for the South Florida club.
Messi set up Suarez for the eighth-minute opener and then the Argentine found the target himself in the 23rd minute.
Canadian winger Jacob Shaffelburg had put Nashville 2-0 up with a pair of superbly taken goals before Miami's comeback.
Luis Suarez scored the first two goals of his MLS career.
Inter Miami are expecting too much work from their Argentine star Lionel Messi, coach Gerardo Martino said on Friday, ahead of the team's Florida derby clash with Orlando City.
