The Cherries appeared to be on course for their first home victory in the Premier League after Callum Wilson’s acrobatic strike in the first half.
But Steve Cook hauled down Vardy in the penalty area and the Foxes striker then stepped up to score his side’s equaliser and ensure a 1-1 draw.
Bournemouth manager Eddie Howe made just one change from the side that ran out 4-3 winners at West Ham last weekend. Joshua King, sidelined with a hamstring strain, was replaced by Lee Tomlin who made his first Premier League start.
For the visitors, N’Golo Kante started after impressing in their Capital One Cup win at Bury, with Shinji Okazaki dropping to the bench.
With only 15 seconds gone, Max Gradel found himself in referee Neil Swarbrick’s notebook after a rash challenge on Riyad Mahrez. It was a poor tackle in an otherwise impressive display by the Bournemouth winger against his former club.
Mahrez was then in the thick of it moments later when he was denied his fifth goal of the season. He was adjudged to be offside following a Marc Albrighton through-ball and it appeared to be the right decision.
From there Bournemouth dominated the opening period and Wilson’s delightful strike after 24 minutes was no more than they deserved.
Charlie Daniels was afforded too much space on the left-hand side and his cross eventually fell to Wilson. His improvised effort left Kasper Schmeichel stranded in the Leicester goal and Bournemouth celebrated their first Premier League strike at Dean Court.
Bournemouth should have then been given the opportunity to double their lead from the penalty spot after Kante tripped Tomlin inside the area, but the hosts were awarded only a free-kick. Gradel’s effort was punched clear by Schmeichel.
Both teams made one change at the interval. Okazaki replaced Mahrez and joined Vardy in a two-pronged attack. Tyrone Mings came on for Daniels.
But Mings, an £8million signing from Ipswich, lasted just five minutes on his debut. The 22-year-old defender appeared to get his left leg caught in the turf after a collision with Danny Drinkwater. He immediately signalled to the bench that he could not continue and received gas and air before leaving the field on a stretcher.
It was then Gradel’s turn to go down after what appeared to be an innocuous challenge by Ritchie de Laet midway through the second period. Gradel limped off the field and was replaced by Marc Pugh.
Leicester began to take a stranglehold on the game and Artur Boruc was finally called into action in the Bournemouth goal with 70 minutes gone when Jeff Schlupp escaped the offside trap but his effort was parried away.
Bournemouth were rattled and Vardy was upended by Cook after a mazy run. The England international converted from the spot to the delight of the visiting fans.
Vardy could then have been awarded another spot-kick after he appeared to be fouled by Tommy Elphick. It was not to be and Bournemouth managed to hung on for a point in a frenetic finale.