The hosts led when Leonardo Ulloa's shot hit a post and ricocheted into the net off the head of Simon Mignolet.
But Adam Lallana equalised following Rickie Lambert's knockdown, before Gerrard slotted home from a poor Wes Morgan clearance.
Morgan was then sent off for a foul on Lambert before Jordan Henderson sealed a deserved Reds win.
Former Nottingham Forest defender Morgan can have few complaints after wrestling the Liverpool striker to the floor soon after gifting Gerrard his goal.
The Liverpool skipper, who is mulling over a new contract offer, had been left out of the starting line-up for Saturday's 1-0 home win over Stoke, raising speculation about his Anfield future.
But the 34-year-old looked refreshed and reinvigorated as he led his team to their first league away win since 19 October.
Liverpool side move up to eighth in the Premier eEague table, while Leicester remain bottom, two points from safety and without a win in nine top-flight games.
It started well for the Foxes thanks to Reds keeper Mignolet.
The Belgian's form has been a talking point during Liverpool's disjointed start to the season and he did little to silence his critics at a sell-out King Power Stadium.
The 26-year-old was fortunate to escape after a casual clearance landed at the feet of Esteban Cambiasso. Luckily for him, the Argentina midfielder fired wastefully wide 25 yards in front of an open net.
Yet Liverpool were behind two minutes later, Ulloa's shot from a tight angle hitting the post before deflecting in off the back of Mignolet's head after Jamie Vardy's initial shot had been cleared off the line by Martin Skrtel.
(BBC)
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