Toney found the back of the net on two other occasions but both goals were ruled out after review.
Brentford were reduced to 10 men when Shandon Baptiste was shown a second yellow on 64 minutes, but the Bees held on and move up to ninth in the league.
The club from southwest London has lost just one of its opening five matches in its first season in England’s top division since 1947.And in Toney, it has a striker of real quality — as well as poise from the penalty spot.
Toney earned a penalty himself when he was bundled over by Marcal as they grappled in the area at a corner. The striker got up, took a nonchalant run-up, and rolled his spot kick into the bottom corner in the 28th minute, with Wolves goalkeeper Jose Sa diving the other way.
Six minutes later, Toney broke free down the left and sent in a low, precise cross that Mbeumo tapped in at the far post for his first goal of the season.
Wolves has now lost four of its five games, and was poor going forward even with an extra player after Baptiste collected a second yellow card for pulling the jersey of Francisco Trincao just as the Brentford midfielder was about to be substituted.
Mbeumo struck the post with a curling shot in stoppage time after a breakaway, with Brentford regularly threatening a third goal.
Additional reporting by PA.