Ademola Lookman got on the score sheet as struggling Fulham secured a shock 2-1 win against Leicester City inside the King Power stadium in Monday night's Premier League game, Completesports.com reports.
Cavaleiro buried the penalty - three-and-a-half minutes after the initial foul - having missed from the spot in last week's defeat to Everton.
The striker then comfortably beat Schmeichel for his second goal of the season and celebrated by lifting a Senegal shirt in tribute to former Fulham midfielder Papa Bouba Diop following his death over the weekend.
Having scored three goals or more in three of their last five fixtures, odds of 5/4 (2.25) seem generous on Leicester's superior attacking quality providing them with all three points in a sixth match in seven against this opposition that features over 2.5 goals.
After Youri Tielemans' volley came back off the post, Wesley Fofana should have put away the rebound but hit the bar from close range.
It was a warning Leicester failed to heed as Lookman struck for the Cottagers in the 30th minute.
Ivan Cavaleiro added a second goal for the visitors from the penalty spot in the 38th minute after Christian Fuchs tripped Bobby De Cordova Reid.
Andre Zambo Anguissa broke through the line of Leicester's midfield before slotting Lookman through one-on-one with Kasper Schmeichel, before dispatching the ball past the Danish goalkeeper.
Fulham reached the break unscathed - the first time they had a two-goal lead away in the Premier League at the interval in nearly nine years.
Barnes set up a tense finish with a fierce strike from Vardy's knockdown in the 86th minute.
James Justin shot just wide in stoppage time, but it was too late to save Leicester.