Ipswich made it three successive Championship wins after super sub Billy Clarke again came on to fire home the winner.
On Saturday, his first League goal downed Southampton 2-1, and he secured a repeat with a thunderous 25-yard left-footer which defeated former Town keeper Andy Marshall.
Marshall almost atoned with a header in the Ipswich box in the sixth minute of added time, but it just floated wide of the far post.
Earlier in the half, Mark Noble, on loan from West Ham, had fired Town in front with his first goal for the Blues, after good work from fellow loanee Jon Macken, before Elliott Ward levelled with his first Coventry strike.
The first half had little to recommend it, although both teams played some neat passing football, but both lacked a killer touch in the final third.
Indeed, it was fully 36 minutes before the first effort on target, and that was a floated Alan Lee header from Sylvain Legwinski's cross which Marshall caught easily.
Kevin Kyle should have put Coventry ahead just seven minutes in when he stole in at the far post onto Marcus Hall's deep cross, but he nodded wide from just six yards.
Otherwise, the only other moments of note in the first period were a Chris Birchall free-kick which Lewis Price claimed comfortably and a fifth caution of the season for Alex Bruce after a foul on Kevin Thornton.
The second half began with Thornton wriggling to the byline and crossing for Stern John to sidefoot narrowly wide, but from a similar move on 52 minutes, Ipswich went in front.
Simon Walton fed Macken on the left wing and his pull back was perfect for Noble, stealing in off the left wing, to sidefoot beyond Marshall from six yards.
Price back-pedalled to claim a clever Kyle lob and Coventry were beginning to force the pace, with Ipswich looking surprisingly edgy for a side with two wins behind them and leading this one.
Marshall comfortably saved a low Macken shot before the livewire Kevin Thornton curled a 25-yard free-kick against the bar after his run had brought a foul on him.
An equaliser was coming and it arrived on 72 minutes. Birchall's chip into the box found debutant Leon McKenzie who scuffed his shot but it fell perfectly for Ward to coolly sidefoot beyond a helpless Price from 10 yards.
Noble had a 20-yarder deflected over as Ipswich looked to hit back straight away, before Clarke entered the fray ten minutes from time, replacing Macken.
It took him just five minutes to score his third of the season with an explosive finish which had the Portman Road faithful in raptures again about the highly talented youngster.
Gavin Williams won the ball in the middle of his own half and fed Clarke who held off Hughes and let fly with a glorious 25-yard strike which beat the diving Marshall, seeming to bounce under his arms.
Town had chances to seal the win on the break as Coventry threw men forward but couldn't take them and were left to sweat throughout six added minutes.
In that period, sub Don Hutchison sliced one effort wide from a good position before his corner in the final seconds found Marshall, up from the back, on the six-yard line but he guided his effort narrowly wide.