The Foxes found themselves with an early lead courtesy of Robert Huth, who was able to turn a Christian Fuchs long throw into the back of the net make it 1-0 in the 7th minute.
After that comical error, Palace looked to pile the pressure on, with Wilfred Zaha and Andros Townsend looking particularly dangerous down the flanks. The two wingers were constantly fizzing dangerous balls into the area, and if not for a couple of last ditch blocks from Huth and Yohan Benalouane, the hosts could have easily leveled the scoring before the 15-minute mark.
Palace's best chance of the half came courtesy of Christian Benteke, who was able to outmuscle Danny Simpson to get on the end of a Joel Ward cross and force a save from Kasper Schmeichel, only for the ball to loop up and nearly creep into the Leicester goal, coming off the post before eventually being cleared.
Despite having the lead, the Foxes had no control of the game. Benteke continued to cause all kinds of problems as halftime approached, while Jamie Vardy looked increasingly isolated up top.
Going into the half, Leicester had plenty of work to do, and came out looking far more threatening to start the second half. After a couple decent attempts from Riyad Mahrez and Leo Ulloa, Palace found themselves back in the Leicester area in search of an equalizer, only to be classically hit on the counter after Riyad Mahrez played Vardy in down the right. With only former Leicester man Jeff Schlupp to beat, Vardy calmly cut inside and slotted it home superbly on his weaker foot to make it 2-0.
Unfortunately the hosts instantly responded after a shot from Schlupp took an awful deflection off the outstretched leg of Simpson and straight into the path of Yohan Cabaye, who slotted it home from 10-yards to make it 2-1.
From there it was all Palace, with Leicester's best chance coming courtesy of another Fuchs long throw that Ward nearly turned into his own net in the 65th minute. The resulting Leicester corner led to a dangerous 3-on-2 break for Palace. Thankfully Simpson was able to strip the ball from Benteke and put an end to the attack.
Benteke redeemed himself barely 5 minutes later, climbing above Benalouane to head home a Townsend cross to make it 2-2.
Despite some more sustained pressure from Palace, Leicester found themselves with an opportunity to win it at the death, after a Vardy cutback was cleared straight into the feet of Drinkwater, who completely scuffed his shot high and wide of goal, summing up a fairly suspect performance from the Foxes that leaves fans with little confidence going into Tuesday's Champions League clash.
With Wes Morgan looking a doubt and Huth suspended, a defence that can't seem to handle Christian Benteke doesn't bode well for a clash with Antoine Griezmann and Co.