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.
Lionel Messi's world tour with Inter Miami next year added Tokyo as a stop on Friday, with the Major League Soccer club announcing plans to face Japan League champion Vissel Kobe.
Messi and Ronaldo, who have faced each other more than 30 times in their careers, have won 13 Ballon d'Or awards between them, with the Argentine leading that race eight to five.
Messi arrived at Miami in July and his impact was felt both on and off the field.
Luis Suarez scored twice in his farewell match for Gremio as the Brazilian side defeated Fluminense 3-2 at the Maracana Stadium in Rio de Janeiro on Wednesday.
Lionel Messi has been named Time magazine's "Athlete of the Year" for 2023 after a trailblazing season marked by an eighth Ballon d'Or award and his ground-breaking move to Major League Soccer's Inter Miami.
In a recent interview in his home country of Argentina pertaining to his availability for the 2026 World Cup, soccer superstar Lionel Messi called Major League Soccer -- his current home -- "a minor league."
Leading goal scorer Denis Bouanga and Most Valuable Player Luciano Acosta were among the MLS Best 11 players named on Tuesday by the league as the top men at their positions.
Inter Miami says it has not agreed to compete in Saudi Arabia next February, refuting the claims by a promoter announced earlier Tuesday that the MLS team would face two Saudi clubs.
Inter Miami was named the guest international side and will join Al-Hilal and Al Nassr in next February's Riyadh Season Cup.
"It's a very proud thing for me to have as an owner, to have a player like that, the best player in the world, in our team."
