Substitute Paul Dickov struck a 90th-minute debut winner to give Blackpool victory. The on-loan Manchester City striker smashed home from eight yards following Shaun Barker's knockdown.
Stephen Crainey's diagonal free-kick found Gary Taylor-Fletcher who showed a great touch before steering the Seasiders into an early lead.
Steve Howard drew the Foxes level, shooting home from 10 yards after fine work by Iain Hume but Dickov won it.
Blackpool manager Simon Grayson:
"At this stage of the season, all that matters is results so we're delighted to get the three points. "First half we looked comfortable and never really looked under any pressure, but Leicester put us on the back foot in the second half and were probably on top.
"But we dug in there, kept going and Dicky popped up at the end to score the winner."
Leicester manager Ian Holloway:
"We didn't turn up for 45 minutes and I'm absolutely fuming. "I'm sick and tired that we take one step forward and then two back. "We need to get back-to-back wins and we haven't done that all season, which is a disgrace for a club the size of ours and the players I've actually got here.
"I'm expecting this lot to be stronger than that because away from home at the moment we look weak."
Blackpool: Rachubka, Barker, Gorkss, Evatt, Crainey, Flynn, Jorgensen, Taylor-Fletcher, Hoolahan (Welsh 77), McPhee (Dickov 70), Burgess (Morrell 77).
Subs Not Used: Jackson, Fox.
Goals: Taylor-Fletcher 3, Dickov 90.
Leicester: Alnwick, Stearman, Kisnorbo, McAuley, Mattock (James Chambers 46), Hume (Bori 83), Oakley, Clemence, Laczko (Campbell 46), Howard, Hayles.
Subs Not Used: N'Gotty, Fryatt.
Booked: Laczko, Stearman.
Goals: Howard 62.
Att: 9,298.
Ref: Graham Laws (Tyne & Wear).
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