Leicester City 6 Ipswich Town 0
David Nugent`s spot-kick put the Foxes ahead inside eight minutes after Ipswich goalkeeper Stephen Henderson brought down Lloyd Dyer in the penalty area.
Nugent added a second ten minutes later, before Dyer and Anthony Knockaert put the home side out of sight before half-time.
Martyn Waghorn added Leicester`s fifth with less than an hour played, while substitute Marko Futacs added to the tally late on in the match.
Michael Chopra had a goal disallowed for the visitors, which would have been no more than a consolation for a side which has now conceded eleven goals in its last two away matches.
Leicester on the other hand were the better side for the majority of the 90 minutes, and Nigel Pearson will have been impressed with the clinical finishing displayed by his forwards.
The Foxes were gifted a dream start when a defensive mix-up allowed Lloyd Dyer to chase down a long ball, and his pace was too much for the onrushing Stephen Henderson, who brought down the speedy winger inside the penalty area.
David Nugent stepped up to covert the spot-kick and his eighth goal of the season for the Foxes.
Leicester continued to push forward, and some clever build-up play from Martyn Waghorn allowed Andy King to tee up an effort from distance, but his shot on target was blocked by an Ipswich shirt.
The Foxes did double their advantage with less than twenty minutes played when Stephen Henderson could only parry Martyn Waghorn`s curling strike from distance; the ball falling directly into the path of David Nugent, who was left with an open goal from six yards and the simplest of tasks.
It was a case of being in the right place at the right time for Nugent, but the one-time England striker will have no qualms about how the goals come for his side.
At the other end, Wes Morgan made an important block from Lee Martin`s shot on goal, but further sloppy defending by Ipswich gifted Lloyd Dyer too much time and space on the ball out on the left-hand side, which provided him the opportunity to tear past his full-back and slam the ball past Henderson and into the bottom corner for Leicester`s third.
It was a devastating reminder of Dyer`s blistering pace, and a goal which probably put the game out of reach for Ipswich with less than thirty minutes played.
Leicester`s confidence began to shine through, with Anthony Knockaert playing a delightful one-two with Drinkwater before firing a powerful effort on goal which resulted in a corner for the home side.
The Foxes were 4-0 up before half-time when Dyer again was given the freedom to play a pinpoint pass into the penalty area and into the path of Knockaert, who added his third league goal of the season from close-range.
Lee Martin could have given his team a lifeline just before the interval when Leicester`s defence failed to deal with a loose ball, but his sliced volley across goal sailed past Kasper Schmeichel`s post and out for a goal-kick.
Leicester began where they left off after the break and almost added a fifth when Martyn Waghorn connected with Lloyd Dyer`s cross into the box, but his fine header hit the inside of the post and was cleared to safety.
Waghorn did eventually get his goal and Leicester`s fifth after some slick build-up play involving Andy King allowed the striker to chip a sublime finish past the helpless Henderson.
It was a well-deserved goal for Waghorn, and one that capped a fantastic week for the youngster who appeared in for the England U21 side against Northern Ireland in midweek.
At the other end, Jay Emmanuel-Thomas` scuffed shot forced Kasper Schmeichel to make a save, in what was a quiet day for the Foxes` goalkeeper and a frustrating one for Mick McCarthy`s strikers - especially for former Leicester City striker DJ Campbell, who was unable to make an impact in front of goal for the Tractor Boys.
Leicester made it 6-0 with less than ten minutes remaining when Marko Futacs connected with Lloyd Dyer`s ball into the penalty area to fire home from twelve yards, capping off an impressive and clinical display in front of goal for the Foxes.
Substitute Michael Chopra had a goal disallowed, which, in all honesty, was as close as Ipswich came to scoring in the match, and would have been nothing more than a consolation goal.
The final whistle gave Leicester their first win in five games and their biggest in thirty years - and sent a message to the rest of the Championship that they are most definitely a promotion contender this season.