Michel Jansen's charges - winners of their previous four top-flight matches - headed into the fixture as favourites against the Eredivisie strugglers, but had to settle for a share of the spoils.
Twente squandered several opportunities in the first half and paid the price three minutes before the interval when former Ajax midfielder Evander Sno fired home from the left-hand side of the box.
The second period followed a similar pattern, with Dusan Tadic and Luc Castaignos both coming close for Twente.
Just when it looked like Waalwijk would hold out for a crucial three points, Castaignos shot hard and low from the edge of the area with 10 minutes remaining to level the scores.
Twente pushed for a winner but were unable to find a way through.
Jansen's side now sit second, while Waalwijk climb to 14th.
