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Rayan Ait-Nouri came close to doubling their lead in the 24th minute following some deft footwork by Daniel Podence, but his effort flashed wide before Leicester sliced Wolves open with a slick team move to equalise before half-time.
Leicester carried that momentum into the second half but Wolves struck against the run of play in the 66th minute when Podence's low drive from outside the area beat Kasper Schmeichel.
The win lifted Wolves to seventh in the standings on 40 points after 24 games. Leicester remain in 11th place on 27 points.