Lacazette also scored on his Premier League debut.
Arsenal and Leicester City served a firm reminder of why the Premier League is the most popular in the world with a seven-goal thriller to open the new season at the Emirates Stadium in London.
The Gunners handed record signing Alexandre Lacazette his Premier League debut and it took only two minutes for the striker to get his first goal.
Hector Bellerin pulled the ball back to Mohamed Elneny to got a first time cross in for Lacazette to head Arsenal in front.
That lead lasted only three minutes, however, with Shinji Okazaki heading Leicester back on level terms off poor Arsenal defending.
Jamie Vardy, who turned down a move to Arsenal last season, then put Leicester 2-1 up in the 29th minute.
But Arsenal made it 2-2 on the stroke of half-time, Lacazette pushing the ball to fellow debutant, Sead Kolasinac who squared for Danny Welbeck to tap in.
Leicester were out to make it a torrid night for Arsenal, though, as Vardy got his second off a corner kick to put the Foxes 3-2 ahead in the 55th minute.
Desperate times call for desperate measures and Arsene Wenger made very attacking changes, bringing on Olivier Giroud and Aaron Ramsey for Rob Holding and Elneny respectively.
The subs paid off, with Ramsey scoring in the 83rd minute to make it 3-3 and Giroud heading in off the post two minutes later to win a thrilling encounter for Arsenal.
Nigerian international, Kelechi Iheanacho, came on for his Premier League debut for Leicester but was unable to help the Foxes avoid defeat.
The win could prove a crucial win for the Gunners, who lost their opening game last season 4-3 to Liverpool – the team that pipped them to fourth place and the final Champions League spot.
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