Bolasie gave Palace the lead in 17th minute and would extend the lead to 4-1 at the beginning of the second half. It was woeful defending that gifted the winger his first goal and it was more poor marking from Newcastle which helped him grab his second.
In the dying stages of the game McArthur struck for his second too, capping off a terrible Newcastle performance.
Newcastle strike first, but Palace turn on the style
To Alan Pardew's surprise, it was his former team that took the lead through Cisse after just 10 minutes. Daryl Janmaat delivered an excellent cross which was met by the striker, and it was his glancing header that put Newcastle in front.
However, just four minutes later the scores were level as McArthur hit the ball from the edge of the box against the helpless Paul Dummett and it travelled into the net.
Things then got worse for the Toon Army as just three minutes later Palace had taken the lead. Bolasie was the scorer this time, punishing Jack Colback for losing the ball as he capitalised on a scramble and put his side in front from ten yards.
Disaster for the Mags
As soon as they had scored it seemed like Newcastle had lost all concentration and they were all over the place.
Palace continued to press for the rest of the half until Wilfried Zaha extended their lead to 3-1 in the 41st minute after he met Connor Wickham's left wing cross with a half volley and his shot looped into the net.
Newcastle started the second half in the same way they ended the first too, by conceding a goal. Within two minutes of the restart, Palace struck again through Bolasie as he turned the ball in from close range after Damien Delaney flicked on Yohan Cabaye's free kick.
Bolasie should have had his hat-trick 10 minutes later too after he connected with Jason Puncheon's delivery, but he failed to hit the target.
The scoring was then concluded deep into stoppage time when McArthur grabbed his second after Newcastle failed to clear their lines and the midfielder turned the ball in at the far post to give Palace a 5-1 win.
Pardew's men move up to sixth in the Premier League table after a wonderful performance against a struggling Newcastle, who dropped into the relegation zone as a result of their rivals Sunderland beating Stoke City 2-0 at the Stadium of Light.