The hosts made an electric start, with Nuno Espirito Santo’s side taking the lead after just four minutes thanks to Jota.
Joao Moutinho produced a fine cross towards the back post and Jota ghosted in to slot home from six yards.
Wolves had the Foxes on the ropes when they made it 2-0 after 13 minutes when another Moutinho cross found Ryan Bennett, who beat helpless goalkeeper Kasper Schmeichel.
Leicester went in two goals down at the break but made a bright start to the second half as Demari Gary pulled one back before Harvey Barnes levelled things with his deflected effort.
A second Jota goal managed to momentarily stop Leicester’s momentum before a powerful late header from captain Wes Morgan looked like the spoils were going shared in the West Midlands.
However, Jota popped up with a dramatic winner in the 93rd minute as found himself in enough space to get a shot away and secure all three points for the Molineux men.