The home side's defensive weaknesses were exposed as goals from Luis Suarez and Jordan Henderson put the Reds two up but Olivier Giroud and Theo Walcott salvaged a point for the Gunners.
While the visitors started brightly, there appeared no danger as the ball rolled towards Bacary Sagna but his stumble followed by Thomas Vermaelen's air-kick allowed Daniel Sturridge a clear sight at goal.
Wojciech Szczesny produced the save from close range but when Aaron Ramsey failed to clear, there was Suarez to tuck the ball away via a deflection off Per Mertesacker.
The lively opening continued as Walcott had an immediate opportunity to equalise as he got away down the right channel but saw his near-post drive brilliantly saved by Pepe Reina.
But it was Liverpool causing the bulk of the problems with Szczesny almost letting in Sturridge after some ill-advised dallying over a back-pass.
The Gunners goalkeeper was stranded again shortly afterwards when he came for a corner only to see Daniel Agger get there first and it required Lukas Podolski on the line to smuggle the ball away.
There was still time for Giroud to head at Reina and Henderson to misjudge a chipped effort with Szczesny off his line before the referee blew the whistle for half time.
Arsenal came out strongly after the interval but Henderson silenced the crowd on the hour mark with a mazy run from the right that - coupled with a fortunate deflection - saw him beat two men and tuck the ball away.
But just as Liverpool looked to have the game in the bag, Giroud headed home a free-kick from the right after good work from Walcott and the momentum was all with Arsenal once again.
Minutes later, Giroud turned provider as he laid the ball off for Walcott and the England man fired off a blistering shot that rifled past Reina before the Liverpool keeper had the chance to move.
Giroud then went close to completing the turnaround when he just failed to divert a cross-shot into the net with minutes remaining but the Gunners could not find a winner in an entertaining contest.