The Cherries edged in front 35 minutes into Saturday afternoon's match thanks to a penalty from Joshua King, only for Mahrez to curl a long-range free kick past Asmir Begovic in the seventh minute of added time.
Bournemouth boss Howe admits that his side simply have to hold their hands up and accept they were undone by a piece of brilliance, and hopes that lessons can be learned ahead of next week's home match against Tottenham Hotspur.
"It has been a tough afternoon for us as we did a lot of things right today," Sky Sports News quotes him as saying following the 1-1 draw at the King Power Stadium.
"I thought we defended very well in the second half, it was always going to be difficult as it is fine margins when you are only 1-0 up away from home. You are always going to come under pressure, which we did, we defended set plays and everything so well. We put our bodies on the line and felt like we deserved to win, but it was not meant to be.
"I have not seen the goal again, but it was a quality finish from their perspective. But there are things that we can look at, analyse and try and do better for next time. But at that stage of the game it is all about trying to see it out and get over the line.
"They were causing us a problem from set plays, we had dealt with them pretty well all afternoon, but that was a moment of magic from their perspective."
Mahrez's goal was his 36th for Leicester in the Premier League, but his first from a direct free kick.