Claude Puel's Leicester, carrying momentum from consecutive wins against Chelsea and Manchester City, dominated the early exchanges at the King Power Stadium and came close with long-range efforts from James Maddison and Ricardo Pereira.
Leicester had their best chance of the first half in the closing stages when Jamie Vardy was slipped through by Maddison, only for the striker to shoot straight at Etheridge.
The hosts looked certain to claim consecutive home wins for the first time this season when Maddison was clipped inside the box by defender Sean Morrison but they were denied thanks to Etheridge's stunning save.
Maddison had a chance to make amends from the rebound but defender Sol Bamba dived in to turn the ball away for a corner.
With Leicester supporters heading towards the exit, Camarasa curled the ball past goalkeeper Kasper Schmeichel from the edge of the box to secure a dramatic win for the Welsh side.
The victory takes Neil Warnock's Cardiff up to 16th place in the league standings, four points clear of the relegation zone.
Etheridge, who will miss the Philippines' Asian Cup campaign to help Cardiff's top-flight survival bid, said the result should lift the spirits in the dressing room during the second half of the season.
"It was a great save to help the team but the main thing for us today is the great win -- our first away from home," the 28-year-old said. "It gives us momentum going into the new year.
"We just need to keep focusing and keep concentrating. Obviously it’s a very tough league. To keep two clean sheets in a row is outstanding. The boys have done very well.
"We take every game as it comes. We’ve got a tough game against Tottenham on New Year’s Day but we’ll enjoy this one for now."
Leicester slipped to eighth spot after failing to capitalise on almost two-thirds of ball possession and 16 attempts on goal.
(Reporting by Hardik Vyas in Bengaluru; editing by Clare Fallon)
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