Finland's Iivo Niskanen had reeled in leader Emil Iversen of Norway and made his move to pass coming into the final bend, but the pair collided with each other and fell.
Russia's Sergey Ustiugov swept past the pair followed closely by Italy's Federico Pellegrino, who came second. Niskanen recovered to take the bronze for host nation Finland.
In the women's race, Norway won the gold medal ahead of Russia, with the U.S. pipping Sweden to the bronze by just 0.19 seconds.
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(Reporting by Philip O'Connor in Stockholm; Editing by Toby Davis)
