Wanderers looked to be heading for an easy win after goals from Bruno N'Gotty and Ivan Campo wiped out Marcus Bent's early opener.
Yet the home side missed out on a vital third goal and in the end were made to pay for their ineffectiveness in front of goal.
Wanderers opened brightly but Leicester gave them a warning of what was about to happen when they were awarded a tenth minute free kick 25 yards out.
While Bolton were busy trying to work out their defensive wall, Ben Thatcher crashed the ball against an upright with Jussi Jaaskelainen well beaten.
Nine minutes later the Foxes had their reward for keeping the pressure on the home side's back four as Jaaskelainen, under pressure from a back pass, hit the ball straight to Bent, who surprised the keeper with a long-range shot that crept in at the post.
When Bolton did respond, it was as much down to Leicester's carelessness in defence rather than to the home side's attacking capabilities.
Youri Djorkaeff's free kick was allowed to reach the far post where N'Gotty got the slightest touch to steer the ball into the net.
Yet if Wanderers thought they had broken Leicester's spirit Micky Adams' side reminded them otherwise just before half time when only a brave, blocking save from Jaaskelainen prevented Bent from firing them in front again.
Djorkaeff then took matters into his own hands at the start of the second half. His first contribution gave Bolton the lead in the 54th minute when his astute cross allowed Campo to fire in from just outside the area.
Two minutes later Djorkaeff almost grabbed a third, collecting the ball from Nicky Hunt before hitting a shot only inches above the bar.
Stelios was then only inches away from turning Jay-Jay Okocha's cross into a goal before the Greek international looked to have won a penalty when brought down by Matt Heath but the referee waved play on.
Henrik Pedersen, who has scored three goals in his last three games, poked the ball only inches wide with his first touch when he came on in the 75th minute.
Yet Leicester were not to be denied, and when Les Ferdinand got his head to Muzzy Izzet's injury time corner, it was enough to earn the Foxes a point.