This paper aims to investigate a boundary layer flow with heat and mass transfer of a special third grade fluid over a stretchable surface in a parallel free stream. Using the similarity variables generated by the Lie group analysis, the governing nonlinear partial differential equations (PDEs) are transformed into a system of nonlinear ordinary differential equations (ODEs). The transformed equations are then solved numerically using the shooting technique. In addition, an attempt is made to carry the asymptotic solution behavior for large stretching and suction parameters, and the asymptotic results of skin friction coefficient are then compared with the direct numerical solutions, which shows a good agreement. It is observed that the similarity equations exhibit dual solutions in a certain range of shrinking strength. These two solution branches show different behavior on the skin friction coefficient, local Nusselt number, Sherwood number, velocity, and temperature profiles. Thus, emphasis has been given to carrying out a stability analysis to determine the physically reliable solution. The stability analysis shows that the upper branch solution is stable. It is observed that the suction parameter increases the range of dual solutions and the magnitude of the critical point from where the dual solutions bifurcate; however, the non-Newtonian parameter shows the opposite behavior. The momentum, thermal and concentration boundary layer thicknesses in the upper branch solution are lower than the lower branch solution.