Steven N'Zonzi struck a stunning winner just seven minutes later, though, handing Sevilla the win on the day but not the trophy as Arsenal stayed top of the table courtesy of the number of goals scored in the competition.
As expected, Arsene Wenger made the full 11 changes to the team which thrashed Benfica 5-2 yesterday, with the likes of Lacazette, Mesut Ozil and Laurent Koscielny amongst those to return to the side.
It was the latter who had the first chance of the game after just five minutes, rising highest inside the area to meet a corner and draw an early stop from Sevilla keeper David Soria.
The visitors came closest to breaking the deadlock in the opening 45 minutes, though, with Ever Banega threading a ball through for Wissam Ben Yedder, who saw his low finish come back off the foot of the post with only the keeper to beat.
Arsenal also should have scored midway through the half when Alex Oxlade-Chamberlain exchanged passes with Lacazette before picking out Hector Bellerin at the back post, only for the full-back to blaze his first-time effort high over the crossbar.
The hosts were back on the attack shortly before the half-hour mark when Danny Welbeck burst forward down the left channel, but he couldn't sort his feet out on the run and prodded his effort wide of the near post.
Aaron Ramsey was the next to threaten for Arsenal, bundling through a number of challenges on his way into the box but then lashing a wild shot well wide of the target.
Moments later Sevilla almost took the lead in style through former Manchester City striker Nolito, whose first-time volley from 25 yards had Cech worried before flying past the upright.
The summer arrival should have done better right on the stroke of half time when he was released behind the Arsenal defence, but he looked to find an unmarked teammate in the box and Koscielny made a crucial interception.
Sevilla did break the deadlock less than four minutes into the second half, though, as Correa beat the offside trap to collect the ball inside the area before rolling a clever finish past Cech and into the bottom corner.
Arsenal were slow to react to that goal as Sevilla continued to control the game in the early stages of the second half, but the hosts did eventually settle again and Lacazette missed one sight of goal when his tame effort was comfortably saved by Sergio Rico.
The club-record signing did get his name on the scoresheet for the first time in front of the Emirates Stadium crowd shortly after the hour mark, though, stroking home a simple finish at the back post after good work by Oxlade-Chamberlain.
However, parity lasted just seven minutes before Sevilla regained their lead in style, with N'Zonzi languidly curling a spectacular 25-yard effort into the top corner past a helpless Cech.
Arsenal almost came up with an instant reply when Ramsey poked a shot into the arms of Rico before Oxlade-Chamberlain's dipping drive from range flew narrowly over the crossbar.
Ramsey curled another shot wide of the target from the edge of the box late on as Arsenal continued their search for an equaliser, but they were unable to find one in the closing stages as Sevilla held out for the win.
The Emirates Cup system rewards every goal with an extra point, though, meaning that Arsenal finished the campaign on nine points alongside Sevilla despite the Spaniards winning both of their matches.
The Gunners' superior number of goals scored during the two-day tournament proved to be the difference as they lifted the trophy for a fifth time in their final pre-season friendly before taking on Chelsea in the Community Shield next weekend.