Palmer scored the opener with a composed finish into the bottom-left corner, but Wolves went into half-time with the lead.
Cunha netted the leveller after his right-footed effort from the edge defected off Silva and past Petrovic.
The Blues were then unlucky for the second time just before half-time. Neto’s cutback found Ait-Nouri, who saw his shot from close range hit Disasi on its way in for an own goal.
Sterling dragged a shot wide just after the restart before Cunha scored his hat-trick, becoming just the fourth opposition player to do so at Stamford Bridge.
He thumped in Neto’s pass from the right before adding his third from the penalty spot. Fouled by Gusto, he kept his composure and rolled his spot-kick down the right of the goal.
Silva then headed in a consolation for the hosts. Chelsea, after another humbling loss that will surely pile more pressure on Mauricio Pochettino, will now switch their focus to their away FA Cup replay against Aston Villa.
As for Wolves, they host a Brentford side in the Premier League that they have already beaten twice this campaign.
