A defeat to Czech Republic in their opener on Thursday had left Finland needing a win to keep alive hopes of winning the four-nation tournament, while Sweden sealed a shootout win against hosts Switzerland.
Midway through the first period, the Finns looked to have put that defeat behind them when Mikko Lehtonen scored on a powerplay, but the lead lasted less than six minutes, as Sweden hit back through Erik Brannstrom when back to full strength.
Yet the Swedes didn't even need a full compliment of players to take the lead in the 16th minute of the second period, as after Jacob Larsson was called for interference, Dennis Rasmussen set up Lukas Bengtsson to score a shorthanded goal.
The Swedish defence held firm in the third period, and inside the final two minutes they made it 3-1 when Max Friberg found the empty Finnish net.
The Leijonat pulled the goaltender again and Lehtonen scored his second to make it a one-goal game in the dying seconds, only for Sweden to pick them off again, and Marcus Sorensen scored another empty-netter with one second to play to confirm a 4-2 win for the Swedes.
The Swiss Ice Hockey Games concludes tomorrow, with Sweden taking on the Czechs and Finland facing Switzerland.