Not to be outdone, Mahrez lashed home from outside in the area after a superb solo run as the first half drew to a close to leave Spurs shell-shocked.
One positive for Spurs, who will be 16 points off the top of the table if Manchester City beat Southampton on Wednesday, was the return of winger Erik Lamela after over a year on the sidelines having undergone surgery on both hips. Leicester are rated at 4/1 for the win.
It may just be his first game, but it would have done caretaker manager Gary Megson's chances of replacing the sacked Tony Pulis no harm after plotting their fifth away point this season with a classic backs-to-the-wall performance Pulis would have revelled in.
Minutes later, the home side showed their menace on the break as Vardy charged forward to win a corner and, from it, Wes Morgan's header was scrambled off the line by Danny Rose.
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But the opening goal arrived in sensational style after 13 minutes.
Vardy met Marc Albrighton's left-wing cross with a volleyed lob in the 13th minute, leaving goalkeeper Hugo Lloris stranded.
It was nearly a short-lived lead as Kane slipped Moussa Sissoko in one-on-one but Kasper Schmeichel got enough on his shot and Vicente Iborra hacked the goal-bound ball to safety.
"This summer, Europe's biggest clubs in Europe will be circling to buy Harry Kane and Dele Alli".
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"I'm not convinced by Eric Dier and Harry Winks as a central-midfield pairing and I'd change my mind about them being in the top four if you played those two for the rest of the season", Le Tissier told Sky Sports.
Vincent Janssen to put it kindly was ineffective, to put it bluntly, he offered little to nothing to Tottenham's attacking play, he didn't assist and the goals he scored were penalties.
Agonisingly for Spurs, Llorente should have drawn the visitors level when he flicked wide from Serge Aurier's teasing cross.
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