This fixture last season ended 3-4 to Liverpool, and there were yet more goals between the two sides on a Friday night feast.
Philippe Coutinho and Mohamed Salah looked to have put the Merseyside club in a comfortable position, but a crazy period in the second half saw the Gunners score three in quick succession.
Alexis Sanchez, Granit Xhaka and Mesut Ozil all netted, but Roberto Firmino was on hand to grab an equaliser.
Coutinho and Salah give visitors the advantage
Everyone knows what Liverpool are about this season; swift, attacking football, and therefore for an Arsenal side who have struggled defensively of late, it probably wasn't the ideal time to be playing them. Especially if you consider the recent record between the two.
The Gunners suffered a large defeat against Liverpool earlier in the season, and the first half showed signs that it could have been something similar.
It took Jurgen Klopp's men 26 minutes to open the scoring. Salah found space down the right channel, before advancing into the penalty area. His deflected ball then looped into the path of Coutinho who was able to flick a header over Petr Cech to make it 1-0.
Arsenal had warnings prior to that though with Firmino proving to be lively. He first saw a header from Andrew Robertson's cross saved by Cech, before nodding inches wide from Coutinho's ball in moments later.
Following the goal, Liverpool continue to press and it was Firmino who again came close. He was allowed to cut inside and then send a curling effort a fraction over the bar.
Salah meanwhile almost took advantage of a Koscielny slip just before the break. He seized on the Frenchman's loss of footing but saw his shot saved by Cech. Sadio Mane's follow up was then acrobatically fired over.
On 52 minutes Liverpool did add a second though, and again it was poor defensive work from Arsenal. Salah found space through the middle, advanced towards the edge of the box and then found the back of the net via a deflection.
Arsenal turn it around in frantic six minute period
The second half at the Emirates started at a frantic pace, and within the space of six minutes following Liverpool's second Arsenal somehow found themselves 3-2 in front.
The rejuvenation was started by Sanchez. Hector Bellerin's sweeping ball in from the right found the Chilean and he buried his header from close range.
Two minutes later the Gunners were level. Xhaka teed up an effort from outside the box and let fly with a powerful swerving effort that beat Simon Mignolet to make it 2-2.
Arsene Wenger's side weren't done there however. Ozil played a brilliant one-two pass with Alexandre Lacazette inside the box and the German then found himself with the goal at his mercy.
Ozil remained calm and composed and lifted the ball over Mignolet to complete a crazy start to the second half.
Firmino hits back
With 71 minutes gone Liverpool were back in it. Emre Can slipped the ball into Firmino who found space for a shot inside the box.
The Brazilian's effort should have been a relatively straight forward save for Cech but in trying to beat it away failed to do enough as the ball ended up looping in to the back of the net.
Salah meanwhile had a half opportunity to win it late on for Liverpool. He twisted and turned but could only fire wide as things finally finished all square.