The hosts went into the game on a high after excellent draws against Hearts and Celtic.
Hibs, who were looking to avenge their 2-1 loss in Edinburgh earlier this season, were missing David Murphy and Dean Shiels. Garry O'Connor meanwhile had not shaken off his ankle knock, but did make it onto the bench.
Caley Thistle got off to a flying start when Barry Wilson accepted an excellent pass wide right from Ian Black, and his 25-yard drive flashed low past keeper Zbigniew Malkowski into the net via Craig Dargo's knee.
Moments later, Dargo netted his eighth goal in nine games when he raced through, rounded Malkowski and slotted the ball home.
What a tremendous foundation for Inverness, so the question was just how the Hibees were to hit back.
Midfielder Black then went close with a swerving drive from the edge of the box after creative work from Roy McBain.
Slackness from Gary Smith was almost punished when Craig Brewster intercepted his pass along the box. He fed Dargo, who edged the ball just wide of the right post.
Five minutes before the break, McBain fed the ball to Black, whose decent drive finished a yard past the post.
The second half was largely spoiled by niggling fouls and broken play, yet still the Caley Jags looked the better bet for further goals.
Just seconds after Rory McAllister replaced Dargo, the teenager fired a great angled drive just over the bar.
With 10 minutes to go, Hibs created their best chance when a Derek Riordan cut-back was knocked wide by O'Connor from only a couple of yards out.
Manager Tony Mowbray must have been bitterly disappointed by his side's failure to trouble their opponents' rearguard.
The result keeps Caley Thistle in sixth spot ahead of Saturday's north derby clash at struggling Aberdeen.