Lescott fired home from the edge of the area after a Lee Naylor corner from the left was only partially cleared.
Leicester had taken the lead when Alan Maybury cut in from the left and hit a thunderous right-foot shot that flew into the far corner of the net.
City had more chances through Mark de Vries, David Connolly and Gareth Williams before Lescott's late strike.
Wolves boss Glenn Hoddle:
"That is our 20th draw of the season and I've never come across anything
like that before.
"As for Leicester's disallowed goal, I was sitting in the stand and I immediately thought it was an offside.
"Stephen Hughes played the ball through and it was too quick to see whether the ball came off Joleon or not."
Leicester: Walker, McCarthy, Dabizas, Dublin, Maybury, Gillespie (Moore 89), Williams, Hughes, Gudjonsson (Wilcox 90), de Vries, Connolly (Nalis 87).
Subs Not Used: Heath, Hirschfeld.
Goals: Maybury 73.
Wolverhampton: Oakes, Edwards, Craddock, Lescott, Naylor, Seol (Clarke 80), Ince, Olofinjana, Kennedy (Cameron 79), Cort, Miller.
Subs Not Used: Jones, Bischoff, Ricketts.
Goals: Lescott 88.
Ref: E Evans (Gtr Manchester).