Substitute Gabriel Martinelli lobbed home an injury-time leveller for Arsenal to deny Premier League title rivals Manchester City victory at the Emirates Stadium on Sunday.
Pep Guardiola's side has taken an early lead in North London with striker Erling Haaland continuing his red-hot start to the season with a fine finish for his sixth Premier League goal of the campaign.
And it looked like that cool ninth-minute finish was going to be enough to seal City all three points only for Arsenal to equalise three minutes into added time.
Summer signing and fellow second-half substitute Eberechi Eze to clip a superb ball over the City defence which found Martinelli who then produced a delightful finish over giant Italian goalkeeper Gianluigi Donnarumma to the relief and delight of home fans.
“It's those moments that I work for,” said the Italian forward, who also came off the bench to score in Arsenal's midweek Uefa Champions League win over Atletico Madrid.
“We played really well, we were unlucky in certain moments, we had some chances and then it was a great ball from Ebs and I just tried to put it in the net.
“Really happy with the goal but we need to work more, we want to win those games. With the players we have, I know if I make those runs say three times in a game, I will get it at least one.”
Midfielder Declan Rice was full of praise for Martinelli describing his teammate's importance to the team as “massive”.
“Every since I've come to the club he delivered big moments,” said Rice. “Some players can sulk if they get put on the bench but he shows his heart and desire.
“The run and finish is unbelievable. He fully deserves it – you wouldn't meet a nicer guy. He's come on and produced a moment of magic.”
Arsenal moved up to second place, five points behind Liverpool, while City are languishing in ninth with just two wins from their first five league matches.
Already eight points adrift of Liverpool, it will take a significant improvement from Guardiola's men to catch Arne Slot's pace-setters, who have won their first five league matches.
Liverpool were the real winners from the slugfest in the capital, which left Guardiola without a league win in five successive matches against an opponent for the first time in his reign.
“We played tough games this week – Manchester United and in the Champions League [against Napoli] – and today we played against a powerful team,” said the Spanish coach.
“Hats off to our team for the resilience. It's so difficult when you're not effective with high pressing, it's always tough in the build-up.
“We made some transitions. I think the result is fair. In general Arsenal were better.”
It was City who drew first blood and it was no surprise that Haaland – who grabbed a double in last week's derby win over Man United – made the early breakthrough.
hosts lost control in the middle of the park with Haaland rolling Gabriel and playing the ball to Tijjani Reijnders. William Saliba did not know whether to stay or go as Haaland charged at Arsenal's exposed backline with Gabriel, Declan Rice and Martin Zubimendi all in the Norwegian's big shadow.
Reijnders played the pass at the right time to Haaland, who knocked the ball out his stride with one touch and then delivered a clinical side-footed finish with his second to fire the visitors ahead.
It was the perfect breakaway goal, started and converted by Haaland, as he celebrated his 13th strike in eight games for City and Norway this season, and his fifth in seven league appearances against Arsenal.
Arsenal ended a largely poor first 45 minutes strongly, with Noni Madueke forcing Donnarumma into a strong save at his near post. It was the hosts' sole shot on target of the half, with City in control.
Arteta wasted no time in calling on his star-studded bench with Bukayo Saka, absent for the past month with a hamstring injury, and Eze on for Noni Madueke and Mikel Merino at half-time.
City spent much of the second half clinging to their lead and Guardiola switched to five at the back as he sent on Nathan Ake for Phil Foden to batten down the hatches.
Even Haaland was removed for the last 15 minutes as Guardiola parked the bus, but the Spaniard paid the price for his caution in stoppage-time.
Eze's lofted pass sent Martinelli sprinting away from Ake as he tried to play offside and the substitute looped a fine finish over the advancing Donnarumma to spark wild celebrations all around the Emirates.
“We were incredibly tired. The game against Napoli was so emotional and after that recovery day we have four or five hours to travel to London,” added Guardiola.
“We had a lot of fatigue with many players. We also have a lot of injuries.”
