As expected, the hosts immediately dominated proceedings with Bukayo Saka floating in an early cross that Jurrien Timber headed over.
The Gunners continued to move the ball patiently against a resolute Wolves side that was willing to put their bodies on the line, as embodied by Joao Gomes taking a boot to the face from Eberechi Eze.
Declan Rice was then unable to get off a convincing header from another Saka cross, as Arsenal continued to favour attacks down the right.
Despite the hosts’ dominance, Hwang Hee-Chan had the game’s first shot on target in the 27th minute, as he sprinted away from Arsenal’s chasing defenders but saw his eventual effort routinely saved by David Raya.
That moment still caused an issue for Mikel Arteta with Ben White going off injured shortly after.
Even so, the hosts were soon back on the attack with Jorgen Strand Larsen blocking Saka’s shot prior to Gabriel Martinelli sending two efforts wide and seeing another deflected behind.
There was certainly frustration at the Emirates as half-time approached, especially as a Piero Hincapie block was required to deny Strand Larsen in stoppage time.
It was more of the same after the restart, as a Myles Lewis-Skelly attempt was cleared and boos rang out whenever Wolves got the ball back into play due to the time they were taking.
Martinelli then breezed past Matt Doherty in a rare occurrence, but the winger curled his effort wide and was then brought off as part of a triple change from Arteta shortly before the hour mark.
Viktor Gyokeres then flicked a header wide before Emmanuel Agbadou blocked Mikel Merino’s attempt. Sam Johnstone hadn’t been given a single save to make in the first 65 minutes, but the Wolves goalkeeper did brilliantly to deny Rice twice in as many minutes after that.
Johnstone was unfortunate shortly after, though, as he tipped Saka’s corner onto the post, but it bounced onto his back and in as the deadlock was finally broken.
Martin Odegaard, Gyokeres and Leandro Trossard all fired wide as Arsenal looked for a buffer before the visitors applied some pressure of their own and scored a dramatic equaliser in the 90th minute.
The visitors worked the ball out wide, and Mateus Mane fizzed in a ball that Tolu Arokodare headed past Raya, sparking bedlam in the away end.
Devastation soon returned in a cruel twist, though, as Yerson Mosquera headed Saka’s cross into his net to confirm the Old Gold’s 10th consecutive defeat.
That moment might remedy the frustration from Arsenal’s dramatic defeat to Aston Villa, especially as they’ve won back-to-back games across all competitions since then.
Flashscore Man of the Match: Bukayo Saka (Arsenal)