Jeff Schlupp's late winner earned Leicester a first victory in 10 matches to move the Foxes above Bolton into the Championship play-off places.
David Ngog's penalty put Bolton ahead after two minutes but Chris Wood's spot-kick and a Lloyd Dyer effort put the hosts ahead just before the break.
Darren Pratley equalised for the visitors when he finished from a Sam Ricketts' cross.
But Schlupp scored Leicester's third with a volley to move them up to sixth.
Bolton, who are now a point behind Nigel Pearson's team, made an ideal start when Ngog scored from the spot after Wes Morgan tripped Lee Chung-Yong.
Leicester pulled level when Danny Butterfield hauled Dyer down and Wood beat Adam Bogdan with the resulting penalty.
Two minutes later Wood sucked in three Bolton defenders before picking out Dyer to drive in off the underside of the bar.
Craig Davies hit the post just before the hour and Dougie Freedman's team hit back when Pratley finished off from a Ricketts cross.
But with 11 minutes remaining, German Schlupp's powerful finish restored Leicester's advantage.
Home goalkeeper Kasper Schmeichel denied Davies and Zat Knight glanced wide as Pearson's team held on for a first win since 26 February.
Leicester boss Nigel Pearson:
"Bolton have been on a good run and we have been on a bad run and I'm sure some people would have felt 'here we go again'.
"But we showed a lot of character and a lot of moral fibre - and also a bit of quality too.
"However, I don't think that has particularly been lacking in recent games. In the games prior to this we have been unlucky and haven't got what we deserved, the margins are so small."
Bolton boss Dougie Freedman:
"What a fantastic game of football that was. What a great advert for the Championship.
"A neutral would have thoroughly enjoyed it and I was no different.
"It was a frantic end-to-end game which was full of spirit from both sides. It was Leicester's night in the end but I know what I have in that dressing room - players with plenty of spirit.
"Their performance was fantastic and we created plenty of opportunities. That kind of form and spirit in the next three games will give us a chance to get back into the play-offs."