Goals from Neal Maupay and Danny Welbeck secured a monumental victory to clinch the clubs fourth victory in five games and reside in second place of the league table, albeit temporarily.
Despite lacking their usual foundation in a possession-based approach, Seagulls manager Graham Potter once again exhibited his tactical prowess to outdo a suffocating Leicester side.
With twelve points from a possible fifteen, Brighton will be elated with their early endeavours and be excited by the season ahead.
Story of the match
The Seagulls assumed control of the match in the first half after Leicester had previously established possession and dictated the flow.
Soon after, Brighton were controversially awarded a penalty when Shane Duffy's header was adjudged to have hit the outstretched arm of Jannik Vestergaard.
For his part, Maupay sent Schmeichel the wrong way to take a resounding lead after coming to life against the current FA Cup holders.
Welbeck opened his seasonal account moments into the second half after Leandro Trossard's whipped delivery from the free-kick was diverted goalwards with a precise header.
Jamie Vardy scored his third goal of the season to halve the deficit, but offered nothing more than a consolation as Leicester suffered a hampering set-back in their pursuit of Champions League qualification.
Leicester worried the AMEX faithful in the closing stages after Wilfried Ndidi thumped a header home from a corner, but to the away side's despair saw VAR intervene due to Harvey Barnes impeding Schmeichel's vision.
Despite hanging on at the end of the match, Potter's side secured yet another win in the division, and confirmed their presence as a prominent side this season, capable of disrupting the progress of sides chasing European football next season.
Brighton turn a page
Sunday's win was a landmark for Brighton, they defeated Leicester for the first time in ten matches across all competitions, and for the first time since a 4-1 win in the second division in 2014.
Leicester suffer setback
Leicester sit in 12th place, with two wins and three losses, after five games, leaving early concerns over the ability to replicate the fantastic performances across the past couple of seasons.
Although early, the Foxes are struggling thus far to display a clinical edge that has aided their forward capabilities.
Leicester boss Brendan Rodgers has work on his hands to challenge against the best sides in the division once again this season; equally, there is plenty of time to produce more promising results in the weeks to come.
Next time out
Brighton wait until next Monday for league action, when they take on rivals Crystal Palace, but first turn their attention towards the Carabao Cup, where they welcome Championship outfit Swansea City.
For Leicester, they travel to Millwall as they seek to make their way towards the fourth round.