By Phil McNultyChief football writer at Emirates Stadium
Arsenal rescued a point with a stirring comeback after Liverpool looked like they would recover from their shock FA Cup defeat by Oldham with victory at Emirates Stadium.
Luis Suarez and Jordan Henderson took full advantage of an Arsenal defensive display that plumbed the depths to put Brendan Rodgers's side on course for victory after an hour.
Arsenal team are fantastic - Wenger
But Arsenal showed great resolve to respond swiftly and score twice inside three minutes through Olivier Giroud and Theo Walcott and ensure a thrilling game ended in a draw.
Liverpool will be disappointed at conceding that two-goal advantage while Arsenal manager Arsene Wenger may regard a point as a relief, such was the generosity of the defending that presented the visitors with so many opportunities.
Defender Martin Skrtel paid the price for Liverpool's FA Cup loss at League One Oldham as he was dropped in favour of Jamie Carragher.
If Carragher's presence was designed to give Liverpool's rearguard more security, Arsenal spent the first 45 minutes producing such an utterly chaotic defensive shambles that they were lucky not to be punished more heavily than they were.
The tone was set when Liverpool took the lead after five minutes. Bacary Sagna fell over as Suarez missed a flick and when Arsenal failed to clear after Wojciech Szczesny saved from Daniel Sturridge, the Uruguayan scored with the help of a deflection.
Liverpool's draw means they have still not beaten any side in the top 10 of the Premier League this season
Liverpool keeper Pepe Reina prevented Arsenal equalising instantly as he blocked a Walcott effort at his near post - and it was not long before Suarez was creating more havoc for Arsenal.
He released Sturridge with a magical swerving pass with the outside of his foot but his strike partner chose to take the chance first time and rolled his effort tamely wide.
Walcott was Arsenal's main danger and he forced another excellent diving save from Reina, but any good work the Gunners were doing in attack was being badly undermined by a succession of calamities at the other end.
Lukas Podolski cleared Daniel Agger's header off the line and Henderson landed an effort on the roof of the net with Szczesny stranded out of his ground trying to rescue another desperate situation.
Rodgers disappointed not to win
Arsenal had suffered a blow when the luckless Kieran Gibbs limped off to be replaced by Andre Santos but there could be no excuse for the standard of defending that had presented Liverpool with so much space and opportunity.
There was no escape for Arsenal as Liverpool doubled their lead on the hour. In a moment that encapsulated the game to that point, Henderson battled his way past four home defenders in the area before rolling home a goal his determination deserved.
Arsenal, perhaps in desperation, suddenly roused themselves and were level within seven minutes. Giroud powered in a close-range header then Walcott got his reward with a fine angled shot that carried too much pace and power for Reina.
As both sides continued to attack, Santi Cazorla flashed a shot across the face of goal and Reina excelled once more as he dived to his right to save from Giroud.
Giroud was then unable to complete Arsenal's recovery and put them ahead as he failed to make firm contact with Podokski's cross fromsix yards out.
Liverpool had a chance of their own in stoppage time when Santos, unsurprisingly, gifted the visitors possession in a dangerous area and it took a sharp stop from Szczesny to deny Suarez and ensure Arsenal's recovery earned them a point.
Arsenal manager Arsene Wenger:
"We created many chances going forward but were nervous defensively. The goals we have conceded show we were nervous from the start.
"It was entertainment. We could honestly have lost the game but could have won it by three or four goals."
Liverpool boss Brendan Rodgers:
"There is an initial disappointment when you are 2-0 up [and draw] but we knew Arsenal were going to have a spell.
"We could have had a few more goals but my overriding emotion is one of pride. These players have been brilliant."
Full Time The final whistle is blown by the referee.
Luis Suarez takes a shot. Save by Wojciech Szczesny.
Free kick awarded for an unfair challenge on Thomas Vermaelen by Leiva Lucas. Wojciech Szczesny takes the direct free kick.
Inswinging corner taken from the left by-line by Luis Suarez.
Corner taken by Luis Suarez from the left by-line to the near post, clearance made by Olivier Giroud.
90:00 +0:06 Booking
Booking The referee shows Per Mertesacker a yellow card for unsporting behaviour.
Unfair challenge on Daniel Agger by Per Mertesacker results in a free kick. Steven Gerrard takes the free kick.
Bacary Sagna gives away a free kick for an unfair challenge on Sanchez Jose Enrique. Leiva Lucas takes the direct free kick.
Shot from just outside the area by Luis Suarez misses to the right of the target.
Olivier Giroud takes a shot. Save by Jose Reina.
Inswinging corner taken right-footed by Santi Cazorla from the left by-line to the near post, Steven Gerrard makes a clearance.
Luis Suarez is ruled offside. Bacary Sagna takes the free kick.
Jose Reina takes the free kick.
Booking Olivier Giroud goes into the book for unsporting behaviour.
Olivier Giroud takes a shot. Save by Jose Reina. Inswinging corner taken by Santi Cazorla from the left by-line, Close range header by Olivier Giroud goes over the bar.
Inswinging corner taken right-footed by Steven Gerrard, clearance by Thomas Vermaelen.
Santi Cazorla produces a left-footed shot from deep inside the penalty box which goes wide of the right-hand upright.
Corner taken by Stewart Downing from the right by-line, Thomas Vermaelen makes a clearance.
Foul by Andre Wisdom on Jack Wilshere, free kick awarded. The ball is delivered by Santi Cazorla, Per Mertesacker has a headed effort from close range and clears the bar.
Aaron Ramsey challenges Jordan Henderson unfairly and gives away a free kick. Direct free kick taken by Jamie Carragher.
Direct free kick taken by Per Mertesacker.
Booking Steven Gerrard receives a caution for unsporting behaviour.
Foul by Steven Gerrard on Per Mertesacker, free kick awarded.
Foul by Leiva Lucas on Jack Wilshere, free kick awarded. Jack Wilshere restarts play with the free kick.
Substitution (Liverpool) makes a substitution, with Sanchez Jose Enrique coming on for Daniel Sturridge.
Theo Walcott has an effort at goal from just outside the penalty box which goes wide of the left-hand post.
Effort on goal by Lukas Podolski from outside the area goes harmlessly over the bar.
Free kick awarded for a foul by Luis Suarez on Bacary Sagna. Bacary Sagna takes the direct free kick.
Olivier Giroud provided the assist for the goal.
66:22 Goal scored
Goal! - Theo Walcott - Arsenal 2 - 2 Liverpool Theo Walcott finds the back of the net with a goal from inside the penalty area to the bottom left corner of the goal. Arsenal 2-2 Liverpool.
The assist for the goal came from Jack Wilshere.
63:59 Goal scored
Goal! - Olivier Giroud - Arsenal 1 - 2 Liverpool Olivier Giroud scores a headed goal from close in. Arsenal 1-2 Liverpool.
Free kick awarded for a foul by Glen Johnson on Theo Walcott. Jack Wilshere delivers the ball,
Lukas Podolski produces a left-footed shot from just outside the penalty box that misses to the left of the target.
Aaron Ramsey takes a shot from just outside the penalty area which clears the crossbar.
Daniel Sturridge provided the assist for the goal.
59:22 Goal scored
Goal! - Jordan Henderson - Arsenal 0 - 2 Liverpool A goal is scored by Jordan Henderson from deep inside the penalty area low into the middle of the goal. Arsenal 0-2 Liverpool.
Foul by Leiva Lucas on Jack Wilshere, free kick awarded. Direct effort from the free kick comes in from Lukas Podolski, blocked by Steven Gerrard. Lukas Podolski takes a shot. Jamie Carragher gets a block in.
Theo Walcott has a header from close range and clears the crossbar.
Jordan Henderson gives away a free kick for an unfair challenge on Clarindo Andre Santos. Free kick taken by Clarindo Andre Santos.
Effort from inside the six-yard box by Daniel Sturridge goes wide right of the goal.
The referee starts the second half.
45:00 +3:06 Half time
Half Time The half-time whistle blows.
Shot on goal by Jordan Henderson from just inside the area goes over the target.
Santi Cazorla takes a shot. Blocked by Steven Gerrard.
Olivier Giroud takes a shot. Save by Jose Reina.
Free kick awarded for a foul by Thomas Vermaelen on Daniel Sturridge. Steven Gerrard takes the free kick.
Free kick crossed right-footed by Steven Gerrard from left channel. The referee blows for offside against Daniel Agger. Wojciech Szczesny restarts play with the free kick.
Substitution Clarindo Andre Santos replaces Kieran Gibbs.
Aaron Ramsey gives away a free kick for an unfair challenge on Daniel Agger.
Santi Cazorla takes a inswinging corner from the left by-line to the near post, clearance by Jordan Henderson.
Stewart Downing is flagged offside by the assistant referee. Wojciech Szczesny takes the indirect free kick.
Shot by Luis Suarez from deep inside the penalty area misses to the left of the goal.
Foul by Lukas Podolski on Andre Wisdom, free kick awarded. Direct free kick taken by Leiva Lucas.
Inswinging corner taken right-footed by Steven Gerrard from the left by-line, Daniel Agger takes a shot. Lukas Podolski manages to make a clearance.
Glen Johnson takes the direct free kick.
Booking Santi Cazorla is cautioned.
Free kick awarded for an unfair challenge on Luis Suarez by Santi Cazorla.
Corner taken right-footed by Theo Walcott from the left by-line, Jamie Carragher manages to make a clearance.
Unfair challenge on Jack Wilshere by Steven Gerrard results in a free kick. Free kick taken by Aaron Ramsey.
Thomas Vermaelen takes a shot. Jamie Carragher gets a block in. Theo Walcott takes a shot. Save by Jose Reina. Corner taken by Jack Wilshere from the right by-line to the near post, Jordan Henderson manages to make a clearance.
Inswinging corner taken from the left by-line by Theo Walcott, clearance made by Jamie Carragher.
Olivier Giroud takes a shot. Blocked by Leiva Lucas.
Corner taken left-footed by Jack Wilshere from the right by-line to the near post, Daniel Agger makes a clearance.
Olivier Giroud produces a right-footed shot from deep inside the penalty box which goes wide of the right-hand upright.
Close range shot by Daniel Sturridge misses to the left of the goal.
Olivier Giroud fouled by Leiva Lucas, the ref awards a free kick. Santi Cazorla restarts play with the free kick.
Free kick awarded for a foul by Santi Cazorla on Stewart Downing. Steven Gerrard takes the direct free kick.
The assist for the goal came from Jordan Henderson. Theo Walcott takes a shot. Save by Jose Reina. Inswinging corner taken by Jack Wilshere from the right by-line played to the near post, Glen Johnson makes a clearance.
4:34 Goal scored
Goal! - Luis Suarez - Arsenal 0 - 1 Liverpool Luis Suarez finds the back of the net with a goal from inside the box low into the middle of the goal. Arsenal 0-1 Liverpool.
Daniel Sturridge takes a shot. Save made by Wojciech Szczesny.
Corner taken by Steven Gerrard from the left by-line played to the near post, Olivier Giroud manages to make a clearance.
Jack Wilshere fouled by Steven Gerrard, the ref awards a free kick. Direct free kick taken by Aaron Ramsey.
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