With his team trailing to Davinson Sanchez’s 33rd-minute header, the Leicester striker came off the bench just as James Maddison was about to take a penalty on the hour mark.
Ref Michael Oliver had awarded it when the former Norwich man went down in the box under a challenge from Jan Vertonghen.
But Vardy, controversially dropped then sent on as a sub for Demarai Gray, sprinted over and took the ball off Maddison – only to see his spot kick saved by Lloris.
Christian Eriksen rubbed salt into the wounds by firing Tottenham 2-0 up three minutes later.
Vardy then wasted another glorious chance to score when his close-range shot was blocked by Lloris.
And though the ex-England man did finally get Leicester back into the game with 15 minutes left, stretching to poke in from close range, he was left to rue his missed opportunities as Son Heung-min made it 3-1 with a breakaway goal in injury time.
For Tottenham this hard-fought win moved them to within two points of second-placed Manchester City ahead of their clash against Chelsea at the Etihad later this afternoon.
Leicester were unlucky not to take the lead as Harvey Barnes fired wide with only Lloris to beat on two separate occasions. The academy product played well but missed another good chance later on when he hit Lloris' foot with the goal gaping.
Sanchez put Spurs 1-0 with a header from Eriksen’s cross following Kieran Trippier’s short corner, breaking free of marker Harry Maguire.
It was the Colombian defender’s first goal for the North Londoners.
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