Big-money signing Leo Ulloa cancelled out Alexis Sanchez's first-half opener for Arsenal to secure a share of the spoils for the hosts on Sunday.
Arsenal created the better of the chances in the second half, but substitute Jamie Vardy went close to winning it for Leicester only to be denied by Wojciech Szczesny.
The Gunners suffered a scare early on when Laurent Koscielny came off worse after a clash of heads with Jeffrey Schlupp and was forced off the pitch to receive lengthy treatment.
Leicester created their first chance of the game on 18 minutes when Riyad Mahrez worked a one-two with Ulloa and fired in a shot just wide of the far post.
Two minutes later, Arsenal broke the deadlock as Santi Cazorla found Yaya Sanogo inside the box with a clever pass and after the striker saw his stabbed effort blocked by Kasper Schmeichel, Sanchez was on hand to fire home the loose ball from six yards.
The lead proved short-lived as Leicester drew level two minutes later with Ulloa netting his second goal for the club after his arrival from Brighton in the summer.
Schlupp was the provider with a superb cross from the left and Ulloa ghosted in behind Koscielny to power his header high into the net past Szczesny.
Five minutes later, Koscielny was forced off to be replaced by Calum Chambers as he had failed to recover from the head knock he sustained early in the game.
Mahrez was proving a constant threat to Arsenal and he had the final chance of the first half when he drilled in a shot from the edge of the box which forced Szczesny into a good save.
Arsenal created the first opening of the second half when Cazorla swapped passes with Sanchez on the edge of the box, but the Spaniard got his left-footed shot all wrong dragging it well wide of the target.
Leicester really should have grabbed the lead on 53 minutes following some superb skill from Ulloa inside the box, which saw him escape Chambers with a brilliant dummy, but with only Szczesny to beat, the striker hit his shot into the side-netting.
Aaron Ramsey wasted a good opportunity for Arsenal two minutes later when Cazorla picked out his run with a brilliant lofted pass over the Leicester defence, but the midfielder failed to get enough power on his header to trouble Schmeichel.
Sanogo went close for Arsenal soon after when he was played in on goal by Nacho Monreal, but Schmeichel was quickly off his line to block the striker's effort.
Leicester substitute Jamie Vardy went close to a winner for the home side seven minutes from time when worked a one-two with Dave Nugent to race into the box and fired in a shot which forced a superb flying save from Szczesny.
After the international break, Arsenal - who are seventh in the table - host champions Manchester City in their next league game on Saturday 13 September, when 15th-placed Leicester travel to face Stoke.