Leicester is a city in England, Great Britain. It is located in the East Midlands, right in the center of England.
The name Leicester derives from Old English and it was called Ligera ceastre. Ligera was the name of the people, as in from the river Ligor (which then became the River Soar). Ceaster meant "Roman town or fort", from castrum in Latin. The places in England that end in chester, cester or caster had been place where the Romans had established a military camp or fort.
The correct pronunciation of Leicester in English is Less-tur. The "ice" part of Leicester is not pronounced, so it's as if the word were written as the name "Lester". The reason this is done is mostly by linguistic convention where some difficult sounds have become elided in time and are therefore no longer pronounced.