Lacazette ran on to a pass from Alex Iwobi in the 82nd minute and held off goalkeeper Alisson, creating enough space to fire a hard shot into the far corner.
Alexandre Lacazette's excellent 82nd-minute finish gave the Gunners a share of the spoils in a pulsating encounter after James Milner capitalised on a Bernd Leno error to open the scoring with an hour played.
However, still unbeaten and grinding out results when not playing at their best, Liverpool continue to catch the eye and find themselves at the top of the table, with a maximum of two points possibly separating them from Manchester City should they win their game later in the weekend.
We made life a bit too easy for them in the first half.
A point certainly felt well deserved and Arsenal easily could have scored more if they had been sharper in front of goal. Shkodran Mustafi was impressive against Roberto Firmino, Granit Xhaka looked like a disciplined performer and Hector Bellerin has added defensive discipline to his game under Emery's guidance. It is clear Arsenal are in a very good moment.
The Gunners also asked questions as an Alexander Lacazette's shot narrowly went wide after a lovely build up play from Mesut Ozil and Pierre-Emerick Aubameyang. The team is largely the same as past year, with only goalkeeper Bernd Leno and midfielder Lucas Torreira starting this game, having arrived in the summer.
And, in first half stoppage time, Bernd Leno produced an nearly carbon copy of Alisson's earlier error by charging out in an attempt to stop a Virgil van Dijk header but misjudged the flight of the ball and was lucky to see it come back off the post.
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The duke and duchess visited the Redwoods Tree Walk - their 76th and final engagement of the 16-day visit. He said: "Thank you for the lovely cloak you have so kindly gifted to myself and the duchess".
"It's not possible for us to come here and dominate Arsenal like we want".
Liverpool have conceded just four goals through 10 games this season with Gomez and van Dijk claiming five clean sheets each.
But the England global spurned golden chances elsewhere in the game, failing to bury a close-range effort on the goal-line and then losing out to Nathan Ake in a one-on-one foot race.
So what's missing? Apathy, for one.
The opening first half saw each team create, and there was tons of space down the wings. Still can't get much reward for his work, though. Arsenal kept at it and got a point. But faded after the break and was taken off with Arsenal chasing an equaliser.
However, Alexandre Lacazette scored inside the last ten minutes to salvage a point for the home side at the Emirates.