Two goals in the space of two second-half minutes looked to have dealt Blackpool their first defeat of the season on home soil, but Thomas Ince's penalty late on ensure a share of the spoils.
Chris Basham's header had given the home side the lead after 18 minutes before a highly eventful second period of play.
Stephen Dobbie was initially named on the bench by Paul Ince, but was moved into the starting line-up after Neal Bishop fell ill during the warm-up and the playmaker was looking lively early on settling into the attacking midfield role.
Former Fleetwood forward Jamie Vardy had the first real chance for the visitors after around ten minutes, but he didn't connect well with the left-wing cross and Gilks easily claimed the spinning ball.
With 18 minutes gone The Seasiders took the lead after some great work and incisive play from Thomas Ince, he then played the ball out to Ricardo Fuller who's perfect cross was met by Basham around six yards out, leaving Kasper Schmeichel no chance.
GOAL: BLACKPOOL 1-0 Leicester
Immediately after, the visitors almost levelled when a free-kick wasn't dealt with properly and Anthony Knockaert drilled a shot narrowly wide from 20 yards.
With just over a quarter of the game gone Basham almost got his second when The Foxes failed to clear Barry Ferguson
's long throw, but the scorer of the first couldn't keep his snap-shot down and it flew just over.
As the clock ticked toward half-time David Nugent had a header from Knockaert's corner that he couldn't keep down, as well as a shot from 25 yards, which he dragged harmlessly wide.
Blackpool did have the ball in the net again through Ince, but he was adjudged to be marginally offside from Fuller's through-ball.
HALF-TIME: BLACKPOOL 1-0 LEICESTER
Ten minutes after the break Leicester almost equalised when a counter-attack enabled Nugent to have a shot and although it was heading wide Vardy got a touch, but still couldn't divert it on target.
Steven Davies and Angel Martinez both came on around the hour-mark for Fuller and Dobbie respectively.
With 71 minutes gone and for the second successive home game running Blackpool conceded a penalty when Robinson brought down Knockaert.
Left-back Paul Konchesky stepped up and sent Gilks the wrong way.
GOAL: Blackpool 1-1 LEICESTER
It was the first goal that The Seasiders had conceded at home this season and it was quickly followed up by the second as a headed clearance was met by Andy King 25 yards out and the midfielder powered home his shot into the top corner.
GOAL: Blackpool 1-2 LEICESTER
Nathan Tyson was brought on to offer some more support to Steven Davies but the visitors frustrated their hosts by keeping possession well and defending in numbers.
But in the 90th minute a long throw from Ferguson was controlled by MacKenzie in the box only for Schmeichel to barge into the back of the defender and give away a penalty.
Ince stepped up and smashed the ball down the middle of the goal to equalise.
GOAL: BLACKPOOL 2-2 Leicester
Blackpool almost nicked it when Jeff Schlupp tried to play the ball back to his goalkeeper, but in doing so got way too much on it and fortunately for Leicester it went wide of the goal.
It was a thrilling end to an action-packed half of football, which also saw the return of Gary Taylor-Fletcher to Bloomfield Road as he made his Leicester debut.
FULL-TIME: BLACKPOOL 2-2 LEICESTER