Full-back Sam Byram's 52nd-minute goal looked to have earned Leeds their first away win since 1 December to add more credibility to their late run for a play-off place in the Championship. Deep into stoppage time, however, a headed goal from centre-back Michael Keane spoiled Neil Warnock's night.
The Leeds goal had come under siege in the closing stages, with Paddy Kenny pushing a header and an overhead kick over the bar before 20-year-old Keane, on loan from Manchester United, headed home Martyn Waghorn's corner in the last of the four added minutes.
The result spared Leicester a fourth defeat in six matches and keeps them in the top six after manager Nigel Pearson was reminded of the pressure on him to deliver promotion with the announcement last weekend that the club lost almost £30 million in failing to win a place in the Premier League last season.
"I think Leicester will be glad to have come out of the game with a point," Warnock said, before admitting – not unusually – that he was less than pleased with referee Paul Tierney's performance. "There should have been two free-kicks in the build-up to the goal. The last time I felt like this was at Bristol City three years ago and it cost me three grand after I'd been on the telly so I have to be careful what I say. But I was disappointed with the consistency tonight and that's all you ask for.
"Whether we can still get into the play-offs I don't know but we have six out of 10 at home after Saturday and these lads are going into every game thinking they can win. It might be the last 11 games of my career but I'm going to enjoy them."
Leeds, fresh from taking seven points from three consecutive clean sheets, had began brightly. But once Leicester began to make progress along the flanks they looked the likelier side to go ahead. Chris Wood was the biggest threat. He was foiled by Lee Peltier's block and Kenny's fingertip save within the space of a minute. Kenny was lucky twice with shots that squirmed away from him but redeemed himself in the final action of the first half when he managed to turn Anthony Knockaert's free-kick over the bar.
Yet it was Leeds who broke the deadlock with Byram involved on two counts. His cross from the right won a corner as Wes Morgan intervened. When Ross McCormack took the kick from the left it was flicked on at the near post and Byram peeled off to the far post and crashed the ball past Kasper Schmeichel.
Leicester dominated again in the closing stages. Wood was unlucky when his shot hit team-mate David Nugent and Harry Kane shot narrowly wide, then Kenny twice saved from Andy King. It seemed Leeds would hold on but Keane, on the far post, took the opportunity to salvage a point.
Leicester City (4-4-2) Schmeichel; De Laet, Morgan (c), Keane, Konchesky (Dyer, 45); Knockaert (Marshall 59), Drinkwater, King, Kane; Wood, Nugent (Waghorn, 81). Substitutes not used Whitbread, Logan (gk), Gallagher, Wellens.
Leeds United (4-2-3-1) Kenny; Byram, Lees, Peltier (c), Warnock; Green, Tonge; McCormack, Norris, Varney; Morison. Substitutes not used Ashdown (gk), Pearce, White, Brown, Diouf, Habibou, Hall.
Referee P Tierney (Lancashire).