The visitors, who had picked up one point from their previous eight league games, twice led with goals from Danny Ings and James Ward-Prowse and looked odds on to repeat their win at the same stadium last season.
The draw left Arsenal in seventh place with 18 points from 13 games, while second-bottom Saints have nine. Lacazette equalised 10 minutes later but Southampton always looked dangerous and were awarded a spot kick when Ings was dragged back by Kieran Tierney.
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