Jozy Altidore gave Toronto the lead in the first half after fine work from Giovinco.
The Italian then came very, very close to grabbing one himself before the break but saw his spectacular free-kick cannon off the crossbar.
Orlando had more than 60 per cent of the ball in the first half but struggled to turn their control of possession into clear-cut chances.
Before a minute had passed in the second half, the hosts had dug themselves an even deeper hole when their offside trap was broken by a Victor Vazquez through ball and Altidore - almost too unselfishly - laid the ball off for Giovinco to score.
Kaka’s sublime pass set up Orlando substitute Carlos Rivas to pull one back...
...but two minutes later Giovinco capped off a sensational performance with another beautiful, and this time successful, free-kick.
Toronto will at least temporarily re-take top spot in the Eastern Conference, with the Chicago Fire facing the Portland Timbers later on Wednesday night. The Reds now get a chance to recharge before returning to action at New York City on July 19.