Craig Shakespeare made one change to the side that beat Borussia Mönchengladbach last week, as Riyad Mahrez came in for Demarai Gray. Matty James, meanwhile, made his first start in 27 months for the Club.
The Gunners were ahead inside two minutes with summer arrival Alexandre Lacazette glancing in Mohamed Elneny’s cross from the right. City were behind for just three minutes though, as Shinji Okazaki headed home from close range to make it 1-1.
Efforts came in from Danny Welbeck and Granit Xhaka shortly after, but it was Shakespeare’s men who would score the game’s next goal just before the half-hour mark.
Excellent work from Marc Albrighton saw the winger pinch the ball in midfield before delivering into Jamie Vardy, who from just three yards out made no mistakes.
Good value for the lead, the 2015/16 Premier League champions were desperately unfortunate not to head into the break 2-1 up. Sead Kolasinac broke the offside trap before squaring to Welbeck, who slotted in to level.
The Foxes did not give up, though, and just 10 minutes into the second period were back in front. Mahrez delivered a corner into Vardy and the England international got up brilliantly to head in his second of the game.
Kasper Schmeichel then had to pull off a string of superb saves to keep his side 3-2 up. Alex Oxlade-Chamberlain and Lacazette were both denied, before the Dane spread himself well to turn away Hector Bellerin’s close-range strike.
Arsenal’s pressure finally told in the closing 10 minutes, though, with substitutes Aaron Ramsey and Olivier Giroud finding the back of the net. The former converted at the back post on 83 minutes, before the latter nodded in off the underside of the bar two minutes later to win it for his side.
After an opening day defeat, a home fixture against newly-promoted Brighton and Hove Albion is next up for the Foxes. Chris Hughton’s men visit King Power Stadium on Saturday 19 August