© AP Photos
The visitors were gifted the lead on five minutes when Thomas Vermaelen and Aaron Ramsey both failed to clear their lines, allowing Luis Suarez to fire in from close range.
Both sides were fearless in attack in the opening half, but it was Liverpool who created the better chances.
Daniel Sturridge and Luis Suarez both put their efforts wide before Daniel Agger saw his header cleared off the line.
At the other end Theo Walcott's curled effort was kept out by Pepe Reina.
There was a final chance in the half for Liverpool, but Jordan Henderson could only clip his effort onto the roof of the net when he was put through on goal.
Arsenal started the second half strongly and they should have equalised when Walcott headed over the bar from Lukas Podolski's cross.
The hosts were punished on the hour as Jordan Henderson converted at the second time of asking having slipped passed two defenders on his way to goal.
© AP Photos
However, Arsenal quickly reduced the deficit when Olivier Giroud headed in Jack Wilshere's free kick.
It was then all square two minutes later thanks to Theo Walcott's powerful finish past Reina on the angle.
There was a late chance for Giroud to snatch the win for Arsenal, but he failed to convert from Lukas Podolski's cross.