The Colombia striker is one of the world’s finest after some fantastic seasons at Atletico Madrid, but he was largely marked out of the game by little-known defender Wes Morgan.
Hardy centre-back Morgan, who came through the ranks at Nottingham Forest before joining the Foxes last season, made some superb interceptions and defensive headers, plus a goal-saving block from a Falcao shot.
Falcao did eventually get the better of Morgan, but that was mostly thanks to an unexpected dummy from Yannick Carrasco, which fooled the whole Leicester defence and allowed the ex-Porto man to sidefoot home.
The long-haired 27-year-old forward has endured a tough start to life at Monaco, playing poorly in a friendly defeat to German minnows Augsburg before having to prove his age after reports claimed he was actually 29.
Monaco boss Claudio Ranieri admitted that his star signing would need time to settle.
"It is important his new team-mates get to know him and how he plays. But that will happen," the former Chelsea boss said afterwards.
"At the moment we are at a base, but step by step we have to improve and arrive at the top of Europe."
While pre-season friendly matches are hardly an indicator of future success, it is clear Falcao will have to improve if he is to fire Monaco into the Champions League, or better.
Certainly he will hope to face bigger crowds – despite Monaco boasting a line-up packed with internationals, the King Power Stadium was less than half full, with local fans apparently unconvinced by the big-spending French team’s lofty ambitions.