Stuart Taylor's side scored three second-half goals to take all three points in an exciting game at Thomond Park
The visitors opened the scoring after just seven minutes when Kurtis Byrne volleyed home. The striker was perfectly positioned to meet Chris Shields' cross to bring the game to life. Moments later, Limerick had hit the woodwork with Darragh Rainsford's effort beating goalkeeper Peter Cherrie.
Rainsford went close again on the half-hour mark, but was denied by Cherrie, before the hosts doubled their lead. Dane Massey's free-kick took a deflection on the way to the goal, which left Barry Ryan with no chance.
The goalkeeper did well just after half-time to keep out Shaun Kelly's mishit backpass, but luckily for the defender Ryan scrambled back to prevent an own goal. Limerick were better after the break, and narrowed Dundalk's lead on 55 minutes. When Andy Boyle conceded a free-kick on the edge of the area, Shane Tracy stepped up to curl the ball around the wall and into the bottom left corner to get the hosts back into the game.
John Mountney wasted a great chance just before the hour mark after being put through by Byrne, but couldn't keep his shot down. Both sides created opportunities, but after Dundalk squandered a few chances, Limerick made them pay, Substitute Rory Gaffney struck within a minute of his introduction, pouncing on another Tracy free-kick.
The equaliser gave Limerick more confidence, with Tracy seeing his effort headed off the line by Massey just minutes before the hosts took the lead. Tracy's corner wasn't well cleared, eventually falling to Craig Curran who hit the ball past Cherrie.
Limerick were more than happy to hold onto their lead, with goalkeeper Ryan even being booked for time wasting late on, and took all three points at Thomond. The defeat will put in a dent in Stephen Kenny's title aspirations, with the Lilywhites facing difficult trips to Derry and Cork over the next few weeks, while Limerick find themselves in the top six after the win.