Chris Iwelumo's second-half penalty earned Colchester a point but the Coca-Cola Championship play-off hopefuls' proud run of 11 straight home wins ground to a halt against Leicester.
Iain Hume grabbed his ninth goal of the season midway through the first half with Colchester looking uncharacteristically nervous in front of their own fans on the back of Tuesday's FA Cup reverse at Barnet.
Leicester, without a win in three games, also had two first-half goals disallowed by referee Danny McDermid, who provided most of the talking points in his first Championship game.
The busy official also chalked off a late Colchester 'winner', booked seven players and mistakenly showed Karl Duguid a red card before realising he had not been previously booked and changing it to yellow.
Amid the chaos, he also found time to spot a foul on Iwelumo shortly after the break to allow the striker to tuck away his 14th goal of the season from the spot.
The hosts began brightly and a strong run from right-back Greg Halford, a reported target for a number of Premiership clubs, culminated in a shooting chance for Iwelumo which the big Scot fired wide.
But Leicester began to dominate and Matty Fryatt should have put them ahead after five minutes when he played a one-two with Hume inside the area.
Young Us' goalkeeper Dean Gerken came out to block Fryatt's initial shot and the striker put the rebound into the side-netting with Hume screaming for the return pass.
Patrick Kisnorbo had the ball in the net from Gareth Williams' corner but he was adjudged by McDermid - correctly - to have climbed on Wayne Brown.
Leicester took a 19th-minute lead when Fryatt played in Hume, who burst clear of a Colchester defence caught square and coolly tucked the ball past Gerken for his first goal in 12 games.
The Foxes thought they had doubled their lead 10 minutes later when Fryatt turned in a wayward Alan Maybury shot but referee McDermid ruled the forward offside.
Kem Izzet and Jamie Cureton squandered shooting opportunities for Colchester as the first half drew to a close, but they did not have to wait long after the break to draw level.
McDermid ruled Patrick McCarthy had tugged back Iwelumo inside the area three minutes into the second half and the prolific striker stepped up to send Paul Henderson the wrong way.
Us boss Geraint Williams threw on pacy West Ham youngster Hogan Ephraim before captain Duguid fired a free-kick narrowly wide with the hosts now firmly on top.
Brown headed wide from Halford's long throw and Izzet nodded Duguid's cross the wrong side of the post.
Colchester were indebted to Gerken late on after he rushed out to deny the onrushing Fryatt, while Williams headed wide with the young goalkeeper floored.
Ephraim was denied a late winner by McDermid, who blew for a foul in the build up after the youngster burst clear, before the referee showed a disbelieving Duguid a red card for dissent.
To howls of disapproval McDermid checked with the fourth official before allowing Duguid to stay on the pitch.
Colchester Gerken, Halford, Baldwin, Brown, Barker, Duguid,Watson, Izzet, Garcia, Iwelumo, Cureton (Ephraim 62).
Subs Not Used: Davison, White, Jackson, Guy.
Booked: Watson, Izzet, Duguid.
Goals: Iwelumo 48 pen.
Leicester Henderson, McAuley, McCarthy, Kisnorbo, Maybury,Hughes, Williams, Tiatto, Porter, Hume, Fryatt (Cadamarteri 84).
Subs Not Used: Logan, Johansson, Stearman, Wesolowski.
Booked: Tiatto, Hughes, McCarthy, Fryatt.
Goals: Hume 19.
Att: 5,915
Ref: D McDermid (Hampshire).