A fast-paced opening to the game saw both sides going gung-ho for the opening goal, and it was Big Six specialist Jamie Vardy who struck first in the 18th minute after being tripped by Toby Alderweireld inside the area, with VAR awarding the penalty after Anthony Taylor had initially waved play on.
The Foxes lost star centre-back Wesley Fofana moments later, with the youngster leaving the pitch in tears through injury, and Tottenham took advantage in the 41st minute, with Golden Boot-chasing Harry Kane swivelling and firing a volley through Kasper Schmeichel's legs to silence the King Power.
Tottenham's centre-backs just could not contain the speed and directness of Vardy, who won his second penalty of the afternoon in the 51st minute as Davinson Sanchez hauled him down, and the 34-year-old left Hugo Lloris rooted to the spot for his second of the afternoon.
However, a moment of madness from Schmeichel gifted Spurs an undeserved equaliser with 76 minutes on the clock, as the Foxes goalkeeper attempted to punch clear a corner but misjudged his attempt under pressure, and the ball bounced into the back of the net at the far post.
In a tale as old as time, Leicester suffered another calamitous collapse as Gareth Bale - brought on for the final 20 minutes - unleashed a first-time effort into the back of the net late on after being set up by Harry Kane, and the goal stood despite an apparent handball from Kane in the build-up.
Deep into the fifth minute of added time, Bale is allowed a free run at the Leicester defence and toe pokes an effort onto the post, but the Welshman was on hand to tap home the rebound and put the game to bed.
Spurs' triumph on the day saw them claim seventh spot in the table and a place in the inaugural European Conference League, whereas Leicester will make do with fifth and another stint in the Europa League.
HIGHLIGHTS
9th min: Caglar Soyuncu is totally unmarked at the back post and gets his head on a corner, but the effort is too weak to trouble Hugo Lloris.
11th min: Wilfred Ndidi does brilliantly to retain the ball in midfield and James Maddison latches onto it, but his long-range effort is deflected behind.
18th min: Jamie Vardy goes down in the box under a challenge from Toby Alderweireld, but Anthony Taylor waves away the appeals before going to VAR, and a penalty is awarded. The Englishman steps up and sends Lloris the wrong way. 1-0 Leicester.
21st min: Wesley Fofana is forced to withdraw through injury and leaves the pitch in tears. Ndidi drops into defence as Nampalys Mendy is brought on.
28th min: Another horror moment from Sergio Reguilon nearly presents Kelechi Iheanacho with a golden chance to double the Foxes lead, but the linesman correctly flags for handball.
36th min: Lloris has to be alert to keep out a stinging long-range effort from Marc Albrighton, which came from Spurs losing the ball in a dangerous area.
38th min: Dele Alli's pinpoint ball finds Son Heung-min inside the area - the attacker turns and tries to find Harry Kane but Soyuncu makes a vital interception.
41st min: Tottenham's main man makes the net ripple. Son's ball across the face of goal is deflected off Luke Thomas into Kane's path, and the England captain turns and fires a low volley through the legs of Kasper Schmeichel. 1-1.
50th min: The crowd urges Mendy to shoot from distance and he obliges, but his curling effort falls into the waiting hands of Lloris.
52nd min: Vardy gets across Sanchez and a tangle of arms leads to Taylor pointing to the spot for the second time. VAR awards the penalty and Vardy steps up to the spot once again, successfully converting his spot kick into the far corner as Lloris remains rooted to the spot. 2-1 Leicester.
56th min: A loose pass from Youri Tielemans allows Tottenham to break forward, but Kane fires well over the top with a left-footed effort.
58th min: Iheanacho darts through and tries to direct a cute effort into the near post, but Lloris gets down well to save.
76th min: Free-kick in a promising area for Son, who sends in an inswinging ball from the left but Soyuncu gets his head on it to turn it away for a corner. However, Schmeichel's mistake allows the ball to trickle into the back of the net for Spurs' equaliser. 2-2.
78th min: Schmeichel keeps out Son with his legs as Spurs begin to ask a few more questions of Leicester's defence.
84th min: Iheanacho unleashes a long-range effort which sails well over Lloris's crossbar.
87th min: Leicester fall apart. Substitute Gareth Bale has the ball in the back of the net following an unstoppable left-footed drive - the ball had struck Kane's hand in the build-up but the goal stands. 2-3.
90 + 5 min: Game set and match as Bale is allowed to break free and run at the Leicester defence, who back off to deal with the threat of Kane, allowing Bale to tap his effort onto the post before poking home the rebound.
MAN OF THE MATCH - JAMIE VARDY
Jamie Vardy scoring against Big Six sides is one of the greatest love stories in English football, and the 34-year-old was back to his scintillating best when it mattered most on the final day.
Alderweireld and Sanchez simply could not cope with Vardy's explosive movement as he won - and converted - two spot-kicks on the day, and it is certainly a shame that he will not be gracing the Champions League next season.
STANDOUT MOMENT
A devastating end to an otherwise exemplary first season in English football, Leicester centre-back Wesley Fofana was on the pitch for all of 21 minutes before leaving the field in tears through injury, and his absence clearly affected the Foxes late on.
The former Saint-Etienne man was pictured limping, but smiling, in the stands as he took his seat for the second half, and France will be sweating over his fitness for the Under-21s European Championships.
BEST STAT
MATCH STATS
Possession: Leicester 47%-53% Tottenham
Shots: Leicester 10-11 Tottenham
Shots on target: Leicester 6-4 Tottenham
Corners: Leicester 8-7 Tottenham
Fouls: Leicester 9-8 Tottenham
LINEUPS
LEICESTER CITY (3-4-1-2): Schmeichel; Castagne, Fofana (Mendy 21'), Soyuncu; Albrighton (Perez 80'), Ndidi, Tielemans, Thomas; Maddison (Pereira 62'); Iheanacho, Vardy
TOTTENHAM HOTSPUR (4-2-3-1): Lloris; Doherty, Sanchez, Alderweireld, Reguilon; Hojbjerg, Winks; Bergwijn (Bale 67'), Alli (Moura 68'), Son (Rodon 90'); Kane