When Sadio Mane crossed after 62 minutes, Bernd Leno was under no immediate pressure, but he seemed to be caught a little flat-footed and ended up stretching, flapping the ball into Rob Holding, from where it rebounded to James Milner.
But Arsenal rallied and deservedly secured themselves a 1-1 draw as Lacazette wriggled free inside the box before curling home with eight minutes remaining.
Half chances fell to the likes of Pierre-Emerick Aubameyang and Henrikh Mkhitaryan for the hosts as the backing of the Emirates Stadium faithful spurred them on to what was a tremendous first half performance.
Yet, even that upturn may not be enough to keep pace with a City side showing no let-up after romping to the title with 100 points.
Jurgen Klopp's Liverpool may have felt like they had dropped two points during their trip to North London this weekend when they took the lead against Arsenal just after the hour mark only for the Gunners to come back and score a late equalizer.
Klopp acknowledged the courage in Emery's style when he said: "Arsenal did this before this year when they pretty much brought on all of their strikers".
Liverpool nearly went in ahead at the interval as Leno followed the earlier example set by his counterpart when he charged from his line and got stuck in no-man's land, with Van Dijk flicking a header against the foot of the post.
A whipping boy when Arsenal fell short against Premier League heavyweights last season, Switzerland worldwide Xhaka displayed all of his enviable array of qualities, often leaving Liverpool disorganised in central areas as a result. But also, we need the regularity of every match and the next match against Wolverhampton here, is the same. It looked like an attempt to fight fire with fire and the quartet managed to peg Liverpool back for large parts of the game and limit the opportunities for the visitors' forwards to shine.
"They can win the Premier League this season". Alisson forced him wide, but Lacazette was able to turn and, having worked the ball onto his right foot, curled a shot into the far corner.
At the other end of the pitch, Henrikh Mkhitaryan nearly put the hosts 1-0 up, with the Armenian's header drifting just wide.
Unai Emery called upon the Wales worldwide in all 10 of their Premier League games ahead of Saturday's visit of Liverpool FC, making six starts and four substitute appearances.