Jota’s hat-trick in added time completed a remarkable, unpredictable thrilling derby at Molineux, a repeat of the scoreline when the two clubs met in October 2003.
The former Porto attacker scored the first from close-range before Ryan Bennett exposed poor defending to seemingly put Wolves in control.
But Leicester responded strongly in the second half to bring the scores level after Demarai Gray’s solo effort and Conor Coady’s own goal, before Jota added a third for the home team.
Wes Morgan equalised again for Leicester before Jota claimed the winner to become the first Wolves player to score a top-flight hat-trick since the legendary John Richards in 1977.
Jota said: “It is a special feeling. I have been injured this season so it has not been easy for me but Saturday was one of the greatest days of my life.
“For me now it is a good moment. I am able to do what I always want to do. You need to be strong in that moment. You know you are able to do more but you just can’t.
“I will keep the match ball in my own home, in a proper spot for good things in football.”