Leicester again came close moments later, but Ikeme denied Andy King from close range with a smart save.
It might have been 2-0 five minutes later, but Schmeichel made a fine save to deny a Kevin Doyle effort from rattling into the top corner.
Wolves did score from the resulting corner, however, when Richard Stearman volleyed a powerful effort past the Leicester stopper.
David Nugent almost handed the away side a way back into the match in the latter stages of the half, but he fired over from just inside the box.
Leicester started the second period the stronger and they might have cut the deficit to 2-1 when Vardy met a Ben Marshall cross, but Ikeme collected the danger.
The away side continued to enjoy the better chances as the half developed, and Nugent missed a free header just past the hour mark in the match.
Leicester did score after 70 minutes, however, when Paul Konchesky thumped a stunning effort into the top corner from outside the box.
The away side continued to push for an equaliser in the latter stages, and Nugent just headed wide with 10 minutes remaining - before Martyn Waghorn smashed the post.
Both sides had opportunities in the latter stages of the match, but it remained 2-1 with Wolves claiming a vital three points in the context of their season.