The Nigeria international’s penalty three minutes before halftime gave Brendan Rodgers’ side the lead, helping them end a three-game winless run and close the gap on Hearts to just two points.
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Iheanacho, who joined Celtic on a free transfer this summer, has now scored three times for the Hoops.
Apostolos Stamatelopoulos equalized for Motherwell five minutes before the break and converted a second penalty in the 55th minute.
Benjamin Nygren restored parity for Celtic in the 69th minute, before Daizen Maeda struck in stoppage time to secure the victory.