The incident was reported shortly after 8am on Earls Way as a substance leaking from a drum onto the road.
Crew from the city’s Easterm and Birstall Fire Stations were deployed, along with a hazardous materials and environmental protection unit from Coalville.
A spokesperson for Leicestershire Fire and Rescue Service said: “We were called out to reports of a white chemical leaking from a drum onto the ground and on arrival there was found to be approximately 40 litres of an unknown substance leaking.
“Road closures were put in place on Earls way and Church Hill Road, including the pedestrian walkways.
“There are no casualties reported and investigations are currently underway to identify the chemical.
“The leak is currently contained and drains have been blocked to prevent any substance entering the watercourse.”