James Milner’s excellent finish put the Reds a goal to the good after an hour of a closely-fought, engrossing contest, before Alexandre Lacazette equalised for the home team with eight minutes remaining.
Sadio Mane had a goal disallowed for offside in the first half - as did Lacazette - while Virgil van Dijk hit the post and had two efforts saved by Arsenal goalkeeper Bernd Leno.
The Reds remain unbeaten in the Premier League after 11 matches, however, and sit a point clear at the top of the table ahead of Manchester City and Chelsea’s games on Sunday.