Cardiff midfielder Jason Koumas executed a stunning free-kick at the Walkers Stadium to increase the pressure on relegation-threatened Leicester and their boss Craig Levein.
Koumas curled in his set-piece to cap a fine all-round performance from the Wales international, while making sure the hosts remained in the bottom three of the Coca-Cola Championship.
Cameron Jerome had put the Bluebirds ahead, only for Matty Fryatt to level on his full debut for Leicester after his move from Walsall.
The Foxes have now failed to record victory in nine league games, although the tireless Fryatt offered them hope of escaping the drop to League One.
Fryatt immediately formed an understanding with strike-partner Mark De Vries, with the Dutch forward almost opening the scoring in the 10th minute.
De Vries pounced on a wayward backpass from Darren Purse which ricocheted off Neil Cox but the Foxes striker could only prod his effort at goalkeeper Neil Alexander.
Leicester were behind two minutes later when Cox's telling cross-field pass found Neal Ardley behind the Foxes defence on the right flank. Ardley delivered his cross with pace and Jerome powered his header into the top corner, the England Under-21 striker's 15th of the season.
Leicester responded by attacking, although they struggled to test Alexander. De Vries found room on the edge of the area but his tame shot limped wide, then after 19 minutes the Dutch striker thought he was through on goal but was ruled offside.
Fryatt also hooked a close-range effort over the bar and Alan Maybury's wild volley cleared the crossbar.
Cardiff offered a threat on the counter-attack and Steven Thompson took advantage of indecision in the Foxes penalty area midway through the half only to shoot straight at Rab Douglas.
With 10 minutes remaining in the half De Vries found room on the edge of the area and Chris Barker blocked his goal-bound effort, but the hosts were not made to wait long for the equaliser.
Fryatt pounced with five minutes remaining in the half, nodding in despite's Purse's efforts on the line after Cardiff failed to deal with Stephen Hughes' looping header.
The goal galvanised Leicester and Fryatt and De Vries both had chances to give them the lead, only for Cardiff to clear on both occasions.
Leicester had to stand firm in early in the second period as Cardiff attacked, with Purse's header from a corner cleared off the line and Jerome blazing over after a cross from Ardley.
Fryatt then had a chance for his second when he was alert in the area after De Vries had missed his kick, but Alexander somehow managed to tip the effort just round the post.
The miss was to prove costly as Cardiff regained the lead after 55 minutes. Koumas' free-kick from the right edge of the area was executed perfectly, dipping over Douglas into the far top corner after clearing the wall.
Cardiff boss Dave Jones took off Thompson for Kevin Cooper in an attempt to close out the game, while Leicester piled forward in search of their second equaliser.
De Vries came close twice, off target with a shot on the edge of the area after a deft turn, then wide with a powerful header.
Barker was booked for time-wasting, while James Wesolowski and Elvis Hammond were brought on for the hosts - but neither could find the leveller.
Teams
Leicester Douglas, Stearman, McCarthy, Johansson, Maybury (Hume 77), Smith (Hammond 84), Kisnorbo (Wesolowski 77), Williams, Hughes, de Vries, Fryatt.
Subs Not Used: Hamill, Gerrbrand.
Goals: Fryatt 41.
Cardiff Alexander, Ardley, Cox, Purse, Barker, Koumas, Weston (Boland 63), Ledley, Thompson (Cooper 66), Scimeca, Jerome (Ndumbu-Nsungu 90).
Subs Not Used: Mulryne, Margetson.
Booked: Barker.
Goals: Jerome 13, Koumas 56.
Att: 20,140
Ref: N Swarbrick (Lancashire).