Falkirk enjoyed a 3-2 win over Ladbrokes Championship champions Ross Country but it was not enough to spare the Bairns relegation.
Starting the game knowing they needed a victory and other results to go their way to avoid the drop, Falkirk began positively, with Aaron Jarvis hitting a post in the eighth minute.
After the visitors replaced goalkeeper Scott Fox eight minutes later with Ross Munro following a clash with Jarvis, Zak Rudden fired Falkirk into a 27th-minute lead with his 13th goal of the season.
County, though, fought back with two goals after the break from Ross Stewart in the 58th minute and Iain Vigurs 15 minutes later.
But Falkirk responded brilliantly with two goals of their own in three minutes, with Ciaran McKenna heading home a 75th-minute equaliser, followed soon after by a drive from Jordan McGhee.
Alloa’s 1-1 draw at Ayr, however, was enough to consign Falkirk to League One for next season.