Traore exploited a defensive error form the hosts to slot past Oliver Baumann in the 27th minute before Andrej Kramaric levelled score six minutes later.
Kramaric put Hoffenheim ahead for the first time two minutes into the second-half, courtesy of an assist from Kerem Demirbay.
Traore assisted Tanguy Ndombele for the equaliser before Memphis Depay struck for the visitors against the run of play.
However, substitute Joelinton's dramatic late intervention secured a point for Julian Nagelsmann’s side.
With this draw, Lyon are second in Group G with five points after three games. They welcome Hoffenheim in the reverse fixture on November 7.