Raikkonen overtook Hamilton on the opening lap in Austin and went on to secure his first race win since 2013.
Hamilton could only manage a third-place finish behind Red Bull’s Max Verstappen.
Meanwhile Raikkonen’s Ferrari team-mate Sebastian Vettel came fourth behind Hamilton.
The result means the Mercedes driver will have to wait a little longer to secure his fifth world title having failed to score eight points more than Vettel in Austin.
And Raikkonen couldn’t resist making a dig at Hamilton after the race.
As Hamilton, Raikkonen and Verstappen all gathered in the cool down room ahead of the podium ceremony, the Finn said: “Did you win the championship?”
“No,” was Hamilton’s short response.
The Brit came up short in his mission to win his fifth world title after losing track position when Mercedes elected to move him on to a two-stop tyre strategy.