Newcastle got off to a flyer as Joselu put the home side in front inside the first five minutes.
The Spanish striker latched onto a cross fed in from the byline by Dwight Gayle before sliding his shot past Kasper Schmeichel unmarked to make it 1-0.
However, the lead did not last long as Riyad Mahrez continued his fine form this season with a stunning equaliser.
Mikel Merino was guilty of giving the ball away in the midfield.
And Mahrez drove the ball at Newcastle’s retreating defence before smashing home a strike from outside the area, making it 1-1.
After the restart, Leicester were in the ascendancy and took the lead on the hour through Demarai Gray.
Mahrez was again involved, swinging in an inviting ball into the box from the left which was knocked down by Marc Albrighton before Gray turned it home.
It seemed to deflect off Florian Lejeune on its way past the stricken Karl Darlow but the away side were not complaining with a 2-1 lead.
But it lasted all of 13 minutes as Newcastle got themselves back on level terms courtesy of Dwight Gayle.
The Toon kept the ball alive from a corner and worked it to Gayle on the right side of the area who fired a deflected effort past Schmeichel to level the game.
But with just four minutes remaining on the clock Leicester managed to snatch the win.
The away side broke on the counter-attack through Mahrez and Jamie Vardy who found Shinji Okazaki in space in the box with a smart pass.
The Japan international took a touch, inviting Ayoze Perez to win the ball, but the Newcastle forward inadvertently turned it into his own net to make it 3-2.
The result sees Leicester leapfrog Watford into eighth place while Newcastle sit just two points clear of the relegation zone in 16th .
Full report to follow…