A Martin Demichelis header prevented the Premier League champions from falling to a second defeat in a row.
Manchester City took the lead at the Emirates through Sergio Aguero before strikes from Jack Wilshere and Alexis Sanchez turned the game around.
The first real chance of the match fell to Alex Sanchez in the eight minute, as the Chilean drove a shot from 20 yards, dipping just before Joe Hart, who did well to keep hold of the ball which bounced a yard in front of him.
Moments later the England goalkeeper showed his worth by coming out to punch a Jack Wilshere cross after no one from the Manchester City defence reacted to the danger.
Danny Welbeck’s first meaningful contribution was to turn a low cross from Nacho Monreal behind the Manchester City goal when under pressure from Vincent Kompany.
Welbeck beat the visiting defence to a rogue back pass from Silva, drew out Hart, but his dinked effort rebounded back off the post into the keeper’s arms.
City had offered little to the game in the first 15 minutes, with debutant Frank Lampard looking his usually composed self in the middle of the park.
Mid-way through the first half Lampard saw yellow for a late challenge on Wilshere, as the speed of the game highlighted his lack of recent action. Team-mate Zabaleta was also booked for nigh-on nothing when challenging Sanchez in his own half, with the Arsenal man theatrical in his efforts on the floor.
A rare start for James Milner was an early indication that City were happy to take a point from the Emirates. The former Leeds man was the first to have a decent shy at goal for the champions, but his curling shot from 25 yards out was always going over.
But the lead came Manchester City’s way soon afterwards. Jesus Navas did superbly well down the right chasing down a ball that had looked destined to go out for a throw-in. The Spanish winger gained possession in space, ran aggressively towards the area before slotting an inch perfect pass for Aguero to instinctively tap home.
David Silva came close to doubling the lead when he found himself in space 10 yards out, but could only get the ball onto his right foot after taking a touch when receiving a pull back from Zabaleta, with the Spaniard hitting it straight at Szczesny.
Arsenal, like the first-half, started strongest after the break and should have scored in the 58th minute when Sanchez hit across from the byline, but a mixture of Zabaleta and Kompany repelled it with Welbeck closing in.
The impressive Gael Clichy almost got himself a rare goal after finding himself the other side of the Arsenal defence thanks to a pass from the majestic Silva, but his outside of the foot attempt went just wide of the stranded Szczesny’s goal.
City lost possession in their own half just after the hour mark and thanks to some wonderful interplay from Sanchez, Ramsey and finally the goalscorer Wilshere put Arsenal on equal terms, much to the chagrin of the opposition midfield who believe there was a foul in the build-up.
Arsenal maintained the momentum after this, with Sanchez volleying home the second. A clearance from Kompany only found Wilshere on the edge of the area, whose precise header found the former Barcelona man in space in the area, allowing the Chilean to superbly pick his spot with a side-footed volley into the top corner.
The home side were rocked by a shocking looking leg injury to Mathieu Debuchy, who fell awkwardly. They conceded soon afterwards when Demichelis rose highest to head a Aleks Kolarov corner through the hands of Szczesny.
Manchester City’s Serbian full-back Kolarov almost gave them the lead with two minutes to go, but his powerful shot was spurned by the Arsenal goalkeeper.
There was almost a calamity in the final few minutes, as a Koscielny clearance rebounded off Dzeko and onto the Arsenal post, meaning the points were shared.
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