From the get-go the Reds were the far better side and deservedly took a 1-0 lead through a rare Philippe Coutinho header in the 26th minute.
Arsenal had chances of their own, but they struggled to string passes together from the back due to Liverpool's high press.
Mohamed Salah then made it 2-0 in the 52nd minute, but not even six minutes later Jurgen Klopp's men found themselves 3-2 down.
Alexis Sanchez, Granit Xhaka and Mesut Ozil all struck to produce a shock comeback, though Roberto Firmino later made it 3-3 courtesy of a Petr Cech blunder.
Individual errors once again hindered Liverpool, which Klopp bemoaned in his post-match press conference.
"We had five minutes where we had obvious problems, that's how it is. Individual problems," said the German angrily.
"In this case, it's not about the team defending as when the ball is in the box it's at least a 50-50 and a misjudgement. It's a misjudgement for the second goal and we were too deep for the third goal.
"It was too easy. Then after the five minutes we reacted and deserved the point. It was the minimum we deserved."
Joe Gomez's lapse in concentration allowed Sanchez to get past him and head home, while Simon Mignolet flapped at an albeit powerful strike from Xhaka.
It was Gomez's mistake that sparked Liverpool's downfall, but prior to that moment, the Reds were in complete control.
A tactical analysis video has emerged on YouTube detailing exactly how Liverpool managed to contain Arsenal for so long.
In the footage below, 'Nouman' explains how Liverpool's players pressed in numbers to limit the amount of time their opponents had on the ball and limit options.
For example, when Laurent Koscielny had the ball inside his own 18-yard box, Firmino applied pressure while Sadio Mane, Coutinho and Salah marked his potential options.
That forced Koscielny to go long, which was an easy battle for Dejan Lovren and Ragnar Klavan to win against Alexandre Lacazette in the air.
But whereas Liverpool pressed high and made Arsenal go long, Arsene Wenger's men gave Liverpool's defence too much time at the back, meaning they could play their usual style of football.
TACTICAL ANALYSIS OF ARSENAL 3-3 LIVERPOOL
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