Andreas Johnsson and John Tavares scored, and Frederik Andersen made 25 saves for the Maple Leafs (36-20-4), who are 2-3-1 in their past six games and trail the Boston Bruins by four points for second place in the Atlantic Division.
"I think we did a lot of good things tonight," Toronto center Auston Matthews said. "They scored one on the power play, and we were fine, but then they scored the second, and it kind of took a bit of life out of us and took us a bit to get it back. All in all, I think we can be pretty happy with our effort, we battled back, it just wasn't enough."
The Maple Leafs outshot the Capitals 12-8 in the first period and 21-7 in the third.
"They played pretty good all game. Obviously, we got a couple timely goals, but they're a good team and they play well here," Holtby said. "We knew it was going to be a challenge, so we're happy to pull out two points. I feel comfortable, we're getting on the right track and limiting extreme Grade A chances, so I'm just trying to do my job out there."