The game's biggest talking point came on the hour mark when, with Vardy ready to come on, referee Michael Oliver awarded Leicester a penalty after Jan Vertonghen was adjudged to have brought down James Maddison in the area.
Leicester boss Claude Puel was left frustrated as his side failed to make the most of their opportunities, but he did not pin any blame on substitute Vardy, who missed the penalty with his first touch of the ball.
In a weird turn of events, Vardy came off the bench for Gray and walked straight up to the spot to take the penalty, only for Lloris to dive to his right and push it away to safety.
The north Londoners are five points off the top of the table as they try to catch pace-setters Liverpool and Manchester City. Unbelievable, unbelievable, unbelievable. When you compare the situation with the penalty [given] against us, unbelievable.
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Tottenham will host Borussia Dortmund in the first leg of their Champions League last 16 clash at Wembley next Wednesday night as they look to take a step closer to the quarter-finals. I think we are such nice people.
"The problem is, I told Michael Oliver [about] the situation against Liverpool in the last minute that should have been a penalty". He set up Sanchez's goal, and then scored the second himself, to suggest his form is returning at just the right time for the White Hart Lane outfit.
"If we are being targeted (by referees), I don't understand why".
It was not the first time a player has taken a spot-kick in the Premier League immediately after coming on with Wigan midfielder Ben Watson doing so on New Year's Eve in November 2011, sealing a 2-2 draw. "I said to him if he felt OK he can take the penalty, but it's not just the penalty that cost us".
Harvey Barnes produced another tame finish when sent through on goal by Vardy, before Pereira made amends for his earlier error by sending in a low cross that Vardy flicked past Lloris.