It was Arkansas' first win over a No. 1-ranked team, but sixth win over a top 10 team in the past four seasons.
Freshman Anna Podojil scored in the 63rd minute to put the Razorbacks ahead 1-0, and junior Parker Goins added a goal in the 81st minute to put Arkansas ahead 2-0.
It was only the 26th time in program history (965 games) that North Carolina had trailed by two goals in a game.
The Razorbacks were out-shot 12-10 by the Tar Heels. Both teams had three shots on goal.
Arkansas (6-1-1) won its fifth consecutive game, all by shutouts.