Danielle Carter stole the show with her match-winning goal on 18 minutes, beating Hannah Blundell before curling the ball into the top corner from the edge of the box.
However, she was not the only impressive performer on that Wembley pitch, as we rate all those who played their part in a record-breaking afternoon.
Arsenal's defence untroubled
Sari van Veenendaal (6): Had little to do on the day but did it well. Especially stood up well to deny a hesitant Fran Kirby in Chelsea's biggest chance.
Alex Scott (7): Relatively untroubled down the wing with Arsenal dominant. Worked hard and got up and down the pitch to both defend and attack as she captained her side to yet another successful campaign in this competition.
Josephine Henning (7): Again, had little to do. Could have scored with a great header in the second half but couldn’t find the target. Put in some good tackles and blocks to keep the Blues at bay as she continues to adapt superbly to the game in England, following her move from France.
Casey Stoney (8): Put in some splendid blocks and led the defence impeccably with all her experience to claim yet another winners' medal.
Emma Mitchell (6): Too easily beaten in a challenge at times but was rarely punished in a strangely toothless attacking display by Chelsea. Offered a lot going forward.
Midfield key in dominant performance
Vicky Losada (7): Losada was key in Arsenal dominating the game, with her and Fara Williams linking up well to both protect the back line and help the team transition from defence to attack. Almost topped off a strong display with a delicious chip late on, but for a strong palm from Hedvig Lindahl.
Fara Williams (7): Free-kick deliveries lacked somewhat, but her corners were superb and her contributions in dictating the play were outstanding too.
Jordan Nobbs (7): Strong showing in the centre of the park in which she linked up well with the two sat behind her to ensure Arsenal controlled possession.
Carter and Smith light up Wembley
Danielle Carter (9): Absolutely stunning performance. Started brightly and capped that off with a superb goal. Continued to be Arsenal’s best outlet on the attack and constantly posed a threat all game.
Asisat Oshoala (6): It was a mixed display from the Nigerian as she was brilliant everywhere on the pitch except from in the opposition’s box. Her final product was appalling at times, but her general work and positive impact on the game made up for that.
Kelly Smith (9): Outstanding display. Constantly involved on the attack, playing exquisite through ball after exquisite through ball. Incredibly lively and energetic performance at the age of 37 too.
Dominique Janssen, Daniëlle van de Donk and Leah Williamson all came on too late to have an impact and thus too late to be given a fair rating.
Brilliance breaches the Blues
Hedvig Lindahl (7): The big Swede couldn’t do anything about Carter’s goal and made some splendid saves in the second half to keep Chelsea in it as well - even though Arsenal’s lack of cutting edge played a part in this too.
Hannah Blundell (6): A strong display by the youngster on a very big occasion. Could have done more to stop Carter cutting inside and scoring, but was otherwise solid.
Millie Bright (6): Did a job as a makeshift centre half and gave Chelsea more substance when she moved into midfield. However, despite her battling attitude, she didn’t see enough of the ball to impact the game as Arsenal dominated.
Gilly Flaherty (7): Covered her full-backs brilliantly and produced vital interventions throughout the game, helping to keep her side in the game.
Ana Borges (5): Sloppy in possession at times and was beaten easily one-on-one. Showed great determination to make amends for any errors though with an outstanding work rate.
Toothless on the attack
Katie Chapman (8): Outstanding display for a player on the losing side. Constantly fighting in the centre of the park, she kept Chelsea motivated and led her side to the final whistle with great spirit. Produced some great tackles to thwart Arsenal and deny them another goal that would have put the game to bed.
Drew Spence (5): Had a good chance with a shot from the edge of the box in the first half before being subbed off at the break. Didn’t get to have much influence though with Arsenal dominant.
Gemma Davison (5): Struggled to get involved throughout. Started to come out of her shell a little in the dying moments, but by then it was too little too late.
Ji So-yun (5): Could have done more to stop Carter’s goal, instead of half-heartedly sticking a leg in to block. Had a decent chance in the first half at the other end, but was otherwise completely marked out of the game by Arsenal.
Karen Carney (4): Completely - and uncharacteristically - anonymous on such a big occasion. Couldn’t find those pockets of space in Arsenal’s half to exploit and was subbed off before the hour as a result.
Fran Kirby (5): Had a glorious opportunity to equalise but was far too hesitant with it. She will look back on that moment as a massive missed chance that she knows she could have done better with. Got into all the right positions and did most things right, until it came to the finish.
Subs can't do it alone
Niamh Fahey (6): Replaced Spence at half time. Produced some great tackles and interventions after being introduced. Settled in well after coming into the defence midway through the game too.
Eniola Aluko (6): Replaced Carney on 55 minutes. Injected pace into the attack and her introduction had an immediate impact on the team. However, she was too isolated when she got on the ball and unable to be as effective as a result.
Bethany England came on too late in the game to be given a fair rating.