The draw briefly took Liverpool to the top of the Premier League, before Manchester City's victory over Southampton on Sunday moved Pep Guardiola's side two points ahead.
The Senegal global tapped home after Roberto Firmino had hit the post but his effort was chalked off even though he was behind the ball, having initially been offside when the move started. When we had the ball it was good, we were a threat, we were in behind.
Alisson was called upon to push away Lucas Torreira's shot as Arsenal looked to level matters immediately, while Milner's reward for giving Liverpool the lead was a bloodied nose following a collision with Gomez.
However, that lead is now a solitary point as Lacazette struck eight minutes from time to give the hosts a well-deserved point from an enthralling encounter.
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What does it mean?
Arsenal vs Liverpool highlights - Liverpool dropped points against their rivals as they were held to a 1-1 draw against Arsenal on Saturday. You get every aspect you want from a centre-half with Van Dijk. 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. The same could not be said for Leno.
Both sides had first-half goals ruled out for offside, Liverpool's somewhat controversially, while Virgil van Dijk hit a post for the visitors on the stroke of half-time.
It's the first time in 30 years that three teams have remained unbeaten after 11 games of a top-flight season.
Arsenal came from behind to get a point at the Emirates and make a significant statement about Emery's work. The Spaniard won the Europa League three times in succession with Sevilla, including one against Klopp's Liverpool in 2016, and is a formidable tactical mind.
Naturally, when all is said and done he will not be considered alongside the Steven Gerrard's, the Frank Lampard's and the Paul Scholes' in Premier League history, yet he is not far off being worthy of being mentioned in the same breath as those players.