The bans range in length from two months to a year, while two of the three have also been subject to criminal proceedings as a result of what is believed to have been homophobic abuse directed at Brighton supporters.
Last week one of the three fans was ordered to pay a fine of more than £400 after admitting to homophobic chanting during the game and also attended an educational course run by the anti-discrimination group Kick It Out.
In a statement, the Foxes said: "All supporters attending matches at King Power Stadium should be free to enjoy a safe and inclusive matchday experience, and the club will not tolerate behaviour that falls short of these expectations. The football club is committed to protecting the matchday environment at King Power Stadium."
Superintendent Steve Potter of Leicestershire Police added: "We fully support the club's decision to ban these individuals. Their behaviour was inexcusable and will not be tolerated. We will continue to work closely with the club to ensure those who are intent on disrupting the enjoyment for others are robustly dealt with."
Leicester have urged supporters who witness abuse of any kind at a game to report it to a steward or contact the club via text message.