The Cherries appeared to be on course for their first home victory in the Premier League after Callum Wilson's acrobatic strike in the first half
But Steve Cook hauled down Vardy in the penalty area and the Foxes striker then stepped up to score his side's equaliser and ensure a 1-1 draw
Bournemouth manager Eddie Howe made just one change from the side that ran out 4-3 winners at West Ham last weekend
Joshua King, sidelined with a hamstring strain, was replaced by Lee Tomlin who made his first Premier League start
For the visitors, N'Golo Kante started after impressing in their Capital One Cup win at Bury, with Shinji Okazaki dropping to the bench.
With only 15 seconds gone, Max Gradel found himself in referee Neil Swarbrick's notebook after a rash challenge on Riyad Mahrez
It was a poor tackle in an otherwise impressive display by the Bournemouth winger against his former club
Mahrez was then in the thick of it moments later when he was denied his fifth goal of the season
He was adjudged to be offside following a Marc Albrighton through-ball and it appeared to be the right decision
From there Bournemouth dominated the opening period and Wilson's delightful strike after 24 minutes was no more than they deserved
Charlie Daniels was afforded too much space on the left-hand side and his cross eventually fell to Wilson
His improvised effort left Kasper Schmeichel stranded in the Leicester goal and Bournemouth celebrated their first Premier League strike at Dean Court
Bournemouth should have then been given the opportunity to double their lead from the penalty spot after Kante tripped Tomlin inside the area, but the hosts were awarded only a free-kick
Gradel's effort was punched clear by Schmeichel
Both teams made one change at the interval
Okazaki replaced Mahrez and joined Vardy in a two-pronged attack
Tyrone Mings came on for Daniels.
But Mings, an £8million signing from Ipswich, lasted just five minutes on his debut
The 22-year-old defender appeared to get his left leg caught in the turf after a collision with Danny Drinkwater
He immediately signalled to the bench that he could not continue and received gas and air before leaving the field on a stretcher
It was then Gradel's turn to go down after what appeared to be an innocuous challenge by Ritchie de Laet midway through the second period
Gradel limped off the field and was replaced by Marc Pugh.
Leicester began to take a stranglehold on the game and Artur Boruc was finally called into action in the Bournemouth goal with 70 minutes gone when Jeff Schlupp escaped the offside trap but his effort was parried away
Bournemouth were rattled and Vardy was upended by Cook after a mazy run
The England international converted from the spot to the delight of the visiting fans
Vardy could then have been awarded another spot-kick after he appeared to be fouled by Tommy Elphick
It was not to be and Bournemouth managed to hung on for a point in a frenetic finale
TWEET OF THE MATCH
"Credit where it's due, Wilson has scored a belting overhead kick for Bournemouth against Leicester." - Former Foxes striker and England great Gary Lineker could only stand and applaud Wilson's opener.
https://twitter.com/GaryLineker/status/637632123344699392 - @GaryLineker
Bournemouth
Artur Boruc: 6
Simon Francis: 6
Steve Cook: 5
Tommy Elphick: 5
Andrew Surman: 6
Max Gradel: 7
Charlie Daniels: 7
Callum Wilson: 8
Lee Tomlin: 7
Matt Ritchie: 7
Eunan O'Kane: 6
Subs
Tyrone Mings: 5
Adam Smith: 6
Marc Pugh: 5
Leicester
Kasper Schmeichel: 6
Ritchie de Laet: 5
Danny Drinkwater: 5
Wes Morgan: 6
Robert Huth: 6
Jamie Vardy: 7
Andy King: 5
Marc Albrighton: 5
N'Golo Kante: 5
Jeff Schlupp : 7
Riyad Mahrez: 5
Subs
Shinji Okazaki: 6
Joe Dodoo: 5
Yohan Benalouane: 5
STAR PLAYER
Gradel was not deemed good enough for Leicester but he impressed against his former club with a dazzling display
Hopefully his injury is not as bad as it looked.
MOMENT OF THE MATCH
After a blank in their home opener against Aston Villa, Wilson's goal was Bournemouth's first at Dean Court in the Premier League
And what a way to get the Cherries off the mark with a delightful overhead kick.
VIEW FROM THE BENCH
Claudio Ranieri stood hands on hips for much of the game, but he couldn't hide his fashion faux paus
Shirt, tie, trousers, shoes and a baseball cap
Yes, a baseball cap
I thought the Italians had style?
MOAN OF THE MATCH
You would be forgiven for forgetting it was August in Bournemouth
Dark clouds and rain greeted the players for the start of the game, and the floodlights were on for the entirety, too
So much for summer.
WHO'S UP NEXT?
Norwich v Bournemouth (Premier League, Saturday 12 September)
Leicester v Aston Villa (Premier League, Sunday 13 September)
Source : PA
Source: PA