Jermain Defoe scored a brace to rescue a point for Spurs against 10-man City.
Ian Walker gifted Tottenham the lead when he pushed Michael Brown's 25-yard free-kick inside his own post but Gary Doherty hooked in his own net to level.
Defoe restored the lead with an angled drive and Robbie Keane slammed home but Les Ferdinand's low drive made it 3-2.
James Scowcroft was sent off, but Ben Thatcher headed City level and Marcus Bent pounced on Doherty's error, but Defoe lashed home in the final minute.
Frederic Kanoute had to be content with a place on the bench on his return from African Nations Cup duty with Mali as David Pleat kept faith with the side that beat Charlton.
Leicester, who boasted four ex-Spurs players in Ian Walker, Ben Thatcher, Steffen Freund and Les
Ferdinand, made one change with James Scowcroft coming in for Marcus Bent.
And it was the visitors who started brightly with Paul Dickov forcing an early save from former City keeper Kasey Keller.
But another howler from Walker gifted the lead to Tottenham in the sixth minute.
Michael Brown's free-kick from 25 yards out on the left appeared to be harmless enough, but the ball bounced a yard in front of Walker and he could only push it inside his own right-hand post.
City levelled in similarly bizarre fashion moments later when Walker's long clearance caused confusion in the Spurs defence and Doherty directed the ball past his own advancing keeper.
6 mins: Brown fires Spurs ahead
9 mins: Doherty own goal levels
13 mins: Defoe puts Spurs back in front
24 mins: Keane makes it 3-1
51 mins: Ferdinand gives Leicester hope
70 mins: Scowcroft sent off
72 mins: Thatcher heads Leicester level
77 mins: Bent pounces to put City ahead
89 mins: Defoe rescues point
Defoe restored Spurs lead after 13 minutes when he latched onto Simon Davies' pass and stroked a low angled drive inside the far post.
And Keane capped a remarkable opening period and his 50th appearance for Spurs, with his 50th Premiership goal.
Walker was penalised for a picking up a Gerry Taggart backpass and from the resulting free-kick, Keane fired home after Johnnie Jackson's initial effort was blocked.
Defoe and Keane forced two more saves out of Walker as Spurs ended the half strongly.
But after the break, City midfielder Steffen Freund robbed Jackson and the ball fell to Ferdinand whose low first-time sidefooted shot left Keller with no chance.
Doherty should have made amends for his earlier own goal, but he powered a header from Defoe's deep cross well over the crossbar.
The Foxes hopes of completing the comeback were dented when Scowcroft was shown a straight red card for a late, high challenge on Mauricio Tarrico.
But they continued to push forward and Ben Thatcher powerfully headed them level from Lilian Nalis' out-swinging corner from the right.
And remarkably, Leicester took the lead when Doherty's backpass was intercepted by Dickov and the ball fell to Bent who calmly slotted home under Keller.
But with the visiting fans celebrating, Defoe popped up in the final minute to collect Ledley King's cross and lash the ball into the net off the underside of the bar from close range.
Tottenham: Keller, Carr, Taricco, Doherty, Richards,
Brown (Kanoute 78), King, Davies, Jackson (Anderton 61), Keane,
Subs Not Used: Burch, Dalmat, Poyet.
Leicester: Walker, Taggart (Davidson 49), Thatcher, Dabizas,
Nalis, Guppy, Scimeca, Freund, Ferdinand (Bent 78), Scowcroft,
Dickov (Sinclair 86).
Subs Not Used: Coyne, Stewart.
Sent Off: Scowcroft (70).
Booked: Taggart, Dabizas.
Referee: N Barry (N Lincolnshire).