Honduras had looked on course for their first ever World Cup win when Carlo Costly fired them in front on 31 minutes, but Valencia levelled from close range just three minutes later.
And the Pachuca striker moved alongside Karim Benzema, Robin Van Persie, Thomas Mueller and Arjen Robben as the tournament's joint top scorer on three goals when he headed home the winner from Walter Ayovi's free-kick 25 minutes from time.
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However, Honduras can also still qualify despite losing both their games so far should they heavily defeat the Swiss and Ecuador lose to France.
After a nervy opening from both sides the game began to open up midway through the half and Honduras felt they had a strong penalty appeal waved away by Australian referee Benjamin Williams when Costly went down under pressure from Juan Paredes.
Moments later it was Ecuador who should have taken the lead as Valencia timed his run onto Frickson Erazo's long ball forward perfectly but couldn't find the target when left with just Noel Valladares to beat.
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