In one of the best games of the season so far, Nathan Cleary produced the defining moment when he charged down a Matt Burton kick and scored in the second half.
It was Penrith's only try after they trailed 6-2 at halftime, but proved enough to overcome a Bulldogs side that had only been beaten twice previously this year.
Cleary did not kick goals, due to a groin issue, but got through the game unscathed, although there was a fresh concern for NSW winger BrianTo'o.
Already battling his own hamstring issues this year, To'o required his left knee to be strapped in the first half at CommBank Stadium.
That was about the only issue for the four-time defending premiers, who were last on the ladder a month ago but could now finish this weekend as high as sixth.
And while last week's win over the Warriors was impressive without their five State of Origin stars, Thursday night showed Penrith can still match it with the best.
In an absorbing first half the Panthers got on the board via a penalty goal for a Viliame Kikau high shot, before Jacob Preston bagged Canterbury's only try.
But that did little to sum up 40 minutes that went from end-to-end, only for both sides' defence to hold on.
After Cleary's match-defining charge-down with 26 minutes left, the Bulldogs still had late chances to win it.
Matt Burton spilt a ball from 30 metres out with two minutes to go in the set after a To'o high tackle, before a Stephen Crichton pass went into touch on the siren.
The result means Canterbury will be knocked off the top of the ladder for the first time since March if Canberra beat Newcastle on Friday night.
But the Dogs lost no admirers, playing 80 minutes with 16 men after Daniel Suluka-Fifita was concussed in the first tackle of the game.
Canterbury's best win of the season was a come-from-behind effort against the Raiders, but that remains their only match against a top-four side.
The Bulldogs blunted almost everything Penrith threw at them.
Crichton denied Casey McLean one try when he got to a ball and batted it out, and later hit Blaize Talagi hard to end a late first-half attacking raid.
Connor Tracey also pulled off one of the try-savers of the season, denying McLean midway through the openting stanza.
Canterbury's defence rushed Cleary at every opportunity, and it was telling that Penrith's only try did not come from structured play.
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