Mikele Leigertwood bagged an early contender for goal of the season, as the R's came from behind to clinch a deserved point at the Walkers Stadium.
With the clock showing 82 minutes, the former Sheffield United ace let fly from fully 28-yards, giving Foxes custodian Marton Fulop absolutely no chance as the ball nestled into the far corner.
Earlier, Iain Hume's 63rd minute spot-kick looked like giving Leicester the points.
The diminutive attacker made no mistake from the spot, after Damion Stewart was adjudged to have sent DJ Campbell spiralling to ground inside the box.
John Gregory was minus the services of Michael Mancienne, while John Curtis and Hogan Ephraim dropped to the bench.
Zesh Rehman, Danny Cullip and Stefan Moore were all recalled to the starting XI.
Leicester's new boss Gary Megson also made a couple of changes, with Levi Porter and Carl Cort returning to the fray at the expense of Joe Mattock and Mark De Vries.
Campbell fired an early warning shot, when he capitalised on a Cullip slip to head straight into the hands of Lee Camp as early as the fourth minute.
The Foxes had an effort chalked for offside in the 15th minute, when Campbell was adjudged to have tugged Camp, as he knocked the ball home from a long throw-in.
Rangers' first effort arrived two minutes later, with Martin Rowlands volleying over from the edge of the 18-yard box, after Dexter Blackstock teed him up.
The R's grew in confidence as the half approached its halfway point and when Gareth McAuley dragged down Ben Sahar as the Chelsea loanee threatened to coast through unchallenged, Rowlands' resultant 20-yard free-kick was deflected wide by a trailing Foxes foot.
McAuley picked up a yellow card for his troubles, despite vocal appeals from the R's players for a card of a different colour.
Rangers were denied by the woodwork five minutes before the break.
The lively Rowlands played provider, sending an inviting free-kick into the front post, which Sahar glanced onto Fulop's left hand post.
At the other end, Cullip was in the right place at the right time to clear Campbell's effort off the line, after he seized on a Damion Stewart error before rounding Camp with ease.
Gregory introduced Danny Nardiello at the expense of Sahar at the break, with the former Barnsley man immediately joining Blackstock in attack.
The R's new-look front pairing caused Patrick Kisnorbo all sorts of problems early on, with the Aussie defender forced to drag Blackstock to ground in the 47th minute.
Rowlands stepped up to take the resultant free-kick, only to see his goal-bound effort diverted to safety off the Foxes wall.
Camp had to be at his agile best to save low down at his right, after James Wesolowski cut in from the right flank, before Campbell nipped in behind Cullip, only to drag his 53rd minute shot well wide.
But there was nothing Camp could do to prevent the Foxes taking a 63rd minute lead, courtesy of a Hume penalty.
Stewart was punished for a mistimed tackle on livewire Campbell and Hume stepped up to send Camp the wrong way from the spot.
The home faithful thought they'd seen their side double their lead four minutes later, only for the assistant referee's flag to deny Cort his first goal in Leicester colours, as he headed home unmarked at the back post.
The points were seemingly heading the way of the Foxes, until Leigertwood stepped up to cap his R's away debut in style, firing an unstoppable 28-yard drive into the far corner.
It was only the fourth goal of his career and what a way to mark his first for his new Club.
Nardiello very nearly opened his account in the time that remained, but after he got goal-side of the otherwise outstanding Kisnorbo, Fulop dived full-stretch to his right to save.
And there was yet more drama, when substitute Ephraim left three Foxes defenders trailing in his wake, before crossing for Blackstock, who saw his close range effort scrambled away at the front post.
In a grandstand finish, Clemence struck the crossbar from 25-yards, before Nardiello was inches away from giving Rangers maximum points, when he failed to make contact with Leigertwood's enticing cross.
Leicester City: Fulop, Kisnorbo, N'Gotty, McAuley, Clemence, Hume, Cort (De Vries 90), Campbell (Chambers 73), Wesolowski, Sheehan, Porter (Kishishev 79).
Subs: Henderson, Newton.
Scorers: Hume 63 (pen)
Bookings: McAuley 25
QPR: Camp, Barker, Cullip, Stewart, Bolder (Ephraim 72), Blackstock, Rowlands, Sahar (Nardiello 46), Moore, Rehman, Leigertwood.
Subs: Bignot, Cole, Curtis.
Scorers: Leigertwood 82
Bookings: Leigertwood 79
Referee: Mr L Mason
Attendance: 21, 893
