The home side made a flying start to the match as Lampard's faith in young midfielder Mason Mount was rewarded in an early goal - his first for the club - as he pounced on an unaware Wilfried Ndidi to snatch possession and tuck the ball past Kasper Schmeichel.
But Leicester steadied the ship after the dominant first half for Chelsea, and midway through the second half Ndidi made amends by heading home James Maddison's corner. Leicester had late chances to snatch the victory, but were unable to find the goal to claim all three points.
The result gives Lampard his first point as Chelsea manager, but leaves them winless in their first three games. Re-live the action below.
Welcome to The Independent's live coverage of today's Premier League clash between Chelsea and Leicester City at Stamford Bridge.
Both teams are looking for their first win of the season, with Chelsea looking to banish the painful memories of last Sunday's 4-0 trouncing by Manchester United.
But first up, Sheffield United take on Crystal Palace at Bramall Lane, which you can follow live here:
The Blues are warming up, Lampard's Chelsea suffered a humiliating 4-0 defeat against Manchester United on the opening weekend of the season but they showed some skill against Liverpool mid-week in the Super Cup.
Frank Lampard on his return to Stamford Bridge as the man in charge:
"I'm proud to manage this club. I've been back a few times and had great support so it will be an emotional, special day for me but the important thing is that we win the game."
Kick off: Let's see what Frank Lampard's Chelsea have got in store for us. It's their first game at home under Lampard can they take the three points?
Leicester in their pink kit today but Chelsea have the ball. Azpilicueta whips the ball in from the right, Giroud chests it to Pedro in the box who shoots and hits the side netting!
3 mins: Oh my days! How are Chelsea not in front? They've started like a house on fire, Giroud on the edge of the box taps it into Mount, Mount shoots and Schmiechel saves, Pulisic gets on to the rebound, shoots but Scmiechel denies him as well.
7 mins: Things are all going Chelsea's way, Leicester can't get the ball out of their own half. Emerson puts a ball into the box, Choudhury clears, Jorginho sends it long to Pedro but finds Schmiechel instead.
The ball comes to Ndidi on the restart, Mount takes the ball off him, runs it into the box and slots it past Schmiechel!
9 mins: What a start! The tempo is insanely quick, the fans are seriously loud. Mason Mount has been brilliant. Leicester have been hit early on with the forceful pressure from the home team.
Pedro wins back the ball now as Leicester try to go forward.
12 mins: Jorginho sends yet another cross field ball up to Pedro who wins a throw in. Leicester defend well enough and Maddison goes on a mini break, before sending the ball up to Vardy. Christensen has it covered though and he slides in to stop the attack.
15 mins: Oliver Langford, the referee for today's match, stepped in at the last minute after the original referee Graham Scott was stuck on the M40. This is the first time Langford has officiated a Premier League fixture.
The game has settled down a touch, Leicester are seeing more of the ball but mainly in their own half.
18 mins: Leicester continue to try and play out from the back, despite the goal coming from Ndidi getting caught in possession. It works out this time as they get the ball forward to Ricardo who puts it into Chelsea's area and into the hands of Kepa Arrizabalaga.
21 mins: Close again from Chelsea! Pedro holds the ball up on the edge of the box, he passes it out wide to Azpilicueta who dinks it back into the middle where Mount is waiting. Mount wins the header, heads it down into the ground but straight at Schmiechel.
27 mins: Kante misses! The ball comes in from the left to Giroud. He holds off the defender and flicks it back into the box. Kante runs onto the ball and sends it wide! It could've been two for Chelsea.
30 mins: Tielemans hits the deck and wins a free kick. Finally Leicester get the ball into the box. Maddison takes the free kick but Chelsea control it well and boot it away from danger. At the other end Pulisic wins the ball off the centre-back, heads it forward but Schmiechel grabs hold of the hold.
33 mins: Leicester see a bit of possession. They're asking some questions of Chelsea in mid-field but don't create a chance. Chelsea win back the ball and send Pulisic forward with it, it is brought down as he tries a through ball up to Giroud. Free kick Chelsea.
