Villa staged a brilliant second-half fightback to continue their winning start to the new Barclays U18 Premier League campaign.
The claret and blues found themselves trailing at the break with Eddy Samba and Dan Rowe giving the Foxes a two-goal cushion.
But Kevin Toner, Thomas Strain and Riccardo Calder all scored in the second-half to earn Tony McAndrew's comeback kings a brilliant victory.
It means the young Villa side have now taken six points from their opening two games this season, after beating Newcastle on the opening day.
The host came flying out of the blocks in the clash at their Belvoir Drive training ground.
On 24 minutes, Samba was through on goal and lifted a sublime finish over Villa keeper Aidan Grant.
He then turned provider for Rowe who doubled Leicester's advantage on 32 minutes.
But Villa hit back three minutes after the restart through Irish defender Toner's looping far post header.
Just before the hour mark, Strain tapped in the equaliser after a shot from Jack Grealish shot came back off the upright.
The winning goal came on 61 minutes when Leicester failed to clear a Villa corner and Calder capitalised with a powerful finish.
Villa are back in action on Saturday when they travel to Bolton Wanderers [kick-off 11am].
VILLA: Grant, Zazrivec, Wildin, Lyden, Lyons-Foster, Toner, O'Brien, Grealish, T Strain, Abdo, Calder. Subs: R Strain [for Abdo, 78], Forth, Sellars [for O'Brien, 46], Lewis [for T Strain, 88].