In set four serving down 2-3 30 all, Ruud struck an overhead wide before hitting a crosscourt backhand long to drop serve and trail 2-4.
Serving up 5-3, Alcaraz struck two down the tee aces and a crosscourt forehand volley winner to set up match point.
Ruud framed a return on match point to end the match with Alcaraz winning his first grand slam title 6-4, 2-6, 7-6(7-1), 6-3. The win also meant the Spaniard would climb the professional rankings to the number one spot.
In the women's final, Swiatek raced to a 6-2, 3-1 lead with a mix of power and precision tennis.
Jabeur rebounded to break serve and reach five games all before Swiatek held serve to lead 6-5.
Jabeur then held serve to reach a tiebreaker.
Jabeur hit a down the line backhand winner to lead 1-0 before striking four forehand errors to trail 2-4.
Then down 4-5, Swiatek struck a down the line forehand winner to level the tiebreaker at 5 points all.
Two additional forehand errors from Jabeur ended the match 6-2, 7-6(7-5).