The home side was unlucky to come away from the game with nothing as the Argentine striker and Callejon both scored late goals to send Madrid eight points clear.
The opening goal of the game came in the 39th minute when Chori Castro's low cross was met with a stooping header from Tomer Hemed to send the home crowd delirious. However, Gonzalo Higuain's flicked finish 18 minutes from the end saw the away team draw level.
Jose Mourinho's men then completed a late turnaround when Jose Callejon slammed the ball into the net with five minutes to play after Mallorca failed to clear its lines.
With Barcelona not in action until Sunday when it entertains Real Betis, the result gives Jose Mourinho's men an eight point lead at the top of the table, with the two giants of Spanish football due to meet in the Copa del Rey quarterfinals on Wednesday.
Madrid really struggled to create anything of note in the opening half hour although Mallorca nearly scored in the 28th minute. Chori Castro ran clear of the Madrid defense before sliding the ball through to Hemed who screwed the ball wide of goal 15 yards out, under pressure from Sergio Ramos.
However, it was not long until the same two players linked up again, and this time they did so to devastating effect. Castro played a one-two from a corner before whipping the ball towards the near post for Hemed to meet with a superb diving header, with the ball sailing into the bottom corner past the outstretched hand of Iker Casillas.
A shell-shocked Madrid did nearly equalize on the stroke of halftime when Xabi Alonso's free kick found the head of an unmarked Ramos. However, the defender's effort rebounded off the post before Mallorca cleared the danger to keep the lead intact at the break.
Mallorca continued to look dangerous on the counter attack and should have been 2-0 up in the 59th minute, only for the linesman to wave his offside flag. Victor was played through one-on-one with Casillas before sliding the ball into the net from eight yards out. However, the goal was harshly disallowed with replays showing the striker received the ball in his own half.
Yet it was not to be for the home team and despite the club's best efforts, Madrid equalized in the 72nd minute. After some slick build up play from Benzema and Mesut Ozil, the German playmaker slid the ball through to substitute Higuain who clipped it over the onrushing goalkeeper, via a deflection from Fernando Tissone, and into the net.
Madrid then broke the hearts of the home faithful when it scored a winning goal with five minutes to go. The Mallorca defense failed to clear the danger after Benzema's effort was blocked by Dudu Aouate and the ball bounced to Callejon who slammed it home from the edge of the box to give his team all three points.
Madrid is in Liga action again next Sunday when it entertains Marcelo Bielsa's Athletic Bilbao while Mallorca will be hoping to bounce back from defeat when it travels to Rayo Vallecano the same day.