The reigning champions took the lead late on in the second half as Vadym Shvets tapped home a cross, but were pegged back immediately as Lione hit a second from long distance to force extra time.
Lione scored a stunning individual goal in the first half of extra time to complete an outstanding hat-trick, which looked set to hand the Para Lions a maiden World Championship.
But the Para Lions’ hopes of winning in extra-time suffered a hammer blow with three-and-a-half minutes remaining as Robert Tremba converted a cross with a low shot off the post.
And England missed out on a first World Championship in devastating fashion as with just 22 seconds remaining, as Shvets turned his defender to convert his second of the game and put the Ukrainian’s 4-3 up.
Earlier on, Spain clinched the partially sighted men’s bronze medal with an emphatic 9-0 win over Japan, while Italy were 3-0 winners over Turkiye.
In cricket, England VI Women secured their first ever competitive victory with a 12-run victory over Australia VI Women, while Pakistan VI Men made it two wins out of two after they defeated Bangladesh VI Men by seven wickets, while India VI Men came out on top against England VI Men by the same margin.
There were some big results in goalball as Lithuania Men secured a 13-3 victory over GB Men, while Greece Women emerged 6-2 winners over Australia Women.
RESULTS IN FULL – Tuesday 22nd August
Partially sighted football
Turkey 0-3 Italy
Japan 0-9 Spain – third place
England 3-4 Ukraine – final
Men’s blind football
Italy 0-1 Argentina (Quarter final)
Japan 0-1 China (Quarter final)
Colombia 2-1 Iran (Quarter final)
France 0-1 Brazil (Quarter final)
Thailand 1-0 Germany
Spain 0-0 Morocco (Morocco win 1-0 on penalties)
England VI Men 147/5 – India VI Men 148/3 (India VI Men won by 7 wickets)
England VI Women 112/2 – Australia VI Women 100/7 (England VI Women won by 12 runs)
Bangladesh VI Men 137/6 – Pakistan VI Men 138/3 (Pakistan VI Men won by 7 wickets)