The New Zealand international striker was in the right place at the right time as his perceived pressure paid off in the 10th minute at Vicarage Road.
Hornets goalkeeper Manuel Almunia was attempting to clear a backpass but only succeeded in firing the ball into Wood with the deflection bouncing into the back of the net.
The goal had Watford on the back foot from the start and the home side concede twice more when Anthony Knockaert and Lloyd Dyer scored in the second half to send the Foxes to second spot on the tier two table.
Former West Bromwich Albion attacker Wood was able to open his league account for the season, adding to his four goals in three Capital One Cup outings.
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