Edit Nov 2016: Node now has a built in debugger that you can start with --inspect. This answer explains it: https://stackoverflow.com/a/39901169/30946.
--inspect
With the latest versions of Mocha and node-inspector, this has been working great for me:
$ node-debug ./node_modules/mocha/bin/_mocha
It loads up the local Mocha executable as the debugged process, stopping on the first line for you to set up your breakpoints.