The visitors hit the woodwork twice and saw a goal wrongly disallowed in the first half before finally breaking the deadlock through James Milner shortly after the hour mark.
Find out how all of the action unfolded courtesy of our minute-by-minute updates below.
This fixture very rarely disappoints, and with both sides protecting impressive unbeaten streaks coming into today's meeting we should be in for a cracker here.
We will have a close look at both clubs in a short while, but let's start with a look at the team news...
Well, we'll start with the home side whose defensive problems are not as bad as many would have feared for this match. Hector Bellerin and Sead Kolasinac were both major doubts - which would have resulted in Lichtsteiner and Xhaka playing as full-backs against the pace of Salah and Mane.
However, both players have overcome their injury issues to start this match, and it looks like a much stronger Arsenal side as a result.
That means that Ramsey must again make do with a place on the bench, while Guendouzi drops out from the team which started against Crystal Palace last weekend due to suspension, having been sent off in the EFL Cup in midweek.
It is a potentially formidable front four for the Gunners, then, with Mkhitaryan joining Ozil, Lacazette and Aubameyang in attack.
The striker has now been directly involved in 22 goals from his 23 Premier League outings, scoring 17 and assisting five in that time. He really is one Liverpool need to keep a close eye on today.
Both players were rested against Cardiff last weekend, but Klopp brings them back in today as Lovren and Moreno drop out of the starting lineup.
Captain Jordan Henderson and Naby Keita remain sidelined, but Fabinho now seemingly has the trust of Klopp and is expected to playing in the pivot role today, with Wijnaldum making up the midfield trio.
Salah also have a very good record against Arsenal, having scored in all three Premier League games against them - including one for Chelsea. Charlie Austin (4) is the only player with a better 100% strike ratio against the Gunners.
Firmino has both scored and assisted in each of his last three games against Arsenal, and if he pulls that off again today then he would be the first player to ever manage it in four successive Premier League games against a particular opponent. Firmino is currently level with Steven Gerrard (vs. Newcastle) and Theo Walcott (vs. West Ham) on three.
The Gunners come into this match unbeaten in their last 13 outings across all competitions, including 12 wins, but most of those games have come against teams they will have expected to beat.
Doubt remain regarding Arsenal's title - or even top four - credentials, with those lingering since their began their campaign with back-to-back defeats against Man City and Chelsea. Today's game is their first against a direct rival since losing to Chelsea on gameweek two.
Only four points separate them from the leading pack too, and a victory today would close that gap to just one ahead of Man City's match against Southampton tomorrow.
Emery's side got back to winning ways in midweek by beating Blackpool 2-1 in the EFL Cup - setting up a quarter-final showdown with Spurs - but even that was not as straightforward as they might have expected as the League One outfit took it to the wire after Guendouzi's red card.
Indeed, City are the only visiting team to have won here at the Emirates since Ostersunds managed it in February, and another victory for Arsenal today would make it eight home wins on the bounce for the first time since October 2017.
Emery's side have conceded more goals than any other team in the top seven, with their tally of 13 being more than three times as many as Liverpool have shipped.
Arsenal have scored at least twice in each of their last nine Premier League games and boast the highest shot conversation rate in the top flight this season, having been successful with 24.5% of their efforts.
The Gunners usually make their fans wait, though; three quarters of their 24 goals this season have come in the second half of matches.
The visitors will be eyeing a quick start to this game today, then, and even 11 games into the season Klopp will know that victory just puts that extra little bit of pressure on Man City to get a result tomorrow.
The Reds have only dropped four points from a possible 30 so far this season, amassing their best-ever Premier League points haul of 26 after 10 games. A victory here would also make it their best tally after 11 games.
Unlike last season, their current success has been built on a sturdy defence too, with their tally of four goals conceded being their lowest ever at this stage of a Premier League campaign and one only Man City can beat.
It was at around this time last year that the front three really began to hit their stride, though, and there have been signs of something similar happening this time around with Liverpool having scored eight times in their last two matches.
It took time for Liverpool's superiority to be reflected on the scoreboard in that match, but Liverpool scored two late goals to make it 11 games unbeaten in the Premier League.
However, the Reds have not been quite as swashbuckling on the road in recent months, having won just one of their last 13 away games across all competitions by more than a solitary goal.
The German is unbeaten in all five of his Premier League games against the Gunners, with only Jose Mourinho, Gerry Francis and Alex Ferguson waiting longer for their first defeat to them in the competition.
I can see goals in this match, although Arsenal's are not quite as ravaged by injury as Liverpool might have hoped. Even so, the Gunners have not looked entirely convincing at the back and Liverpool are the type of team who could punish them.
SPORTS MOLE SAYS: Arsenal 2-4 Liverpool
The last five of those contests have seen 27 goals fly in too - an average of 5.4 per game including 10 in the two meetings last season.
The Reds led 2-0, with Salah scoring in the 52nd minute to double their lead, but just five minutes later they incredibly found themselves behind as Arsenal hit three quickfire goals. Firmino managed to salvage a draw for his side in what was one of the games of the season.
As a result, Liverpool have now won just two of their last 18 away league games against Arsenal, although both of those victories have come in their last six visits.
Should they achieve that feat again today then it would be the first time they have ever managed it six times in a row against a single opponent in the top flight, and also the first time that it has ever happened to Arsenal at the hands of any club.
ARSENAL STARTING XI: Leno; Bellerin, Mustafi, Holding, Kolasinac; Torreira, Xhaka; Mkhitaryan, Ozil, Aubameyang; Lacazette
LIVERPOOL STARTING XI: Alisson; Alexander-Arnold, Gomez, Van Dijk, Robertson; Fabinho, Milner, Wijnaldum; Salah, Firmino, Mane
Both teams have had the ball in the back of the net, but the offside flag was raised on both occasions.
Mane was offside from the first pass, but was behind the ball when Firmino lifted it past the keeper and therefore his simple finish into an empty net should have stood.
The Dutchman got to the ball ahead of Leno, and there was a similar scenario at the other end earlier in the half when Alisson was caught in no-man's land by Mkhitaryan's header which drifted narrowly wide.
Arsenal have probably just about been the better team in this one so far, but it is still all to play for in the coming 45 minutes.
47 - Granit Xhaka made more passes (47), had more touches (59), made more tackles (5) and more recoveries (9) than any other player in the first half of #ARSLIV. Busy.— OptaJoe (@OptaJoe) November 3, 2018
Mane's cross from the left is spilled by Leno and the ball is flicked out by Holding, but only as far as Milner. The captain follows up and smashes the rebound home, giving Liverpool first blood at the Emirates!
50 - James Milner's goal was his 50th in the Premier League - 14 of them have been for @LFC, more than any other club he's played for in the competition. Breakthrough. #ARSLIV— OptaJoe (@OptaJoe) November 3, 2018
Liverpool took the lead through Milner just past the hour mark and may feel hard done by considering they hit the woodwork twice and had a goal disallowed, but Arsenal will also feel that they were worthy of Lacazette's late equaliser.
Thank you very much for joining Sports Mole for today's match as Liverpool move top of the table courtesy of a 1-1 draw at Arsenal. I will leave you with our match report, and be sure to stick around for reaction too.
From me, though, it is goodbye for now.