Alexandre Lacazette and Shinji Okazaki bagged the first two goals of the season after just a few minutes, and Jamie Vardy and Danny Welbeck added to the scoreline before the end of the first half.
Vardy doubled his tally after the break, but Aaron Ramsey and Olivier Giroud scored just two minutes apart to complete an unlikely comeback.
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The Premier League season started in incredible fashion, with two goals in a matter of minutes after the opening whistle.
The first came from Arsenal's summer signing Lacazette, courtesy of an excellent header. BBC's Dan Walker noted he didn't make the best fantasy decisions:
Dan Walker @mrdanwalker
Already regretting fantasy league choices 85 seconds into the new @premierleague season 😫 https://t.co/psXaVBsdo52017-8-11 18:54:12
But the Foxes hit back almost immediately through Okazaki, who nodded home after the Gunners failed to deal with a short corner.
Former England international Gary Lineker loved the fast action:
Gary Lineker @GaryLineker
It's rubbish this @premierleague. Welcome back.2017-8-11 18:51:54
The hosts settled into a rhythm after the fast start, showing plenty of good passing movements and mustering several chances. Sead Kolasinac kept busy, and Lacazette also featured heavily.
Their impressive attack was offset by some shaky defending, however, and when Marc Albrighton was given acres of space to find Vardy in the centre of the box, the two men marking the striker couldn't prevent a second goal.
Bleacher Report's Sean Swaby weighed in on the matter:
Sean Swaby @seanswaby
🎼 Hello darkness my old friend 🎼2017-8-11 19:16:18
To cap off a busy first half of the season, Welbeck tied things up after 45 minutes, scoring from close range.
ESPN FC's Janusz Michallik summed things up:
Janusz Michallik @JanuszMichallik
Great entertainment, zero tactical nuance.2017-8-11 19:35:35
More dreadful defending followed in the second half, and Vardy restored the lead after he was left wide open on a corner, with Petr Cech in no-man's land.
HLN's Kristof Terreur had some advice for manager Arsene Wenger:
Kristof Terreur 📰 @HLNinEngeland
Set pieces. Maybe some training next week. #afc 2-3 #lcfc.2017-8-11 20:00:31
The Gunners pushed for an equaliser and found it through Ramsey with less than 10 minutes to play, and within two minutes, the hosts were back in front.
It was Giroud who sent the Emirates Stadium into a delirium, to the delight of Walker:
Dan Walker @mrdanwalker
What a ridiculous game of football! 4-3 Arsenal ⚽️⚽️⚽️⚽️ Giroud with a wonderful header #ARSLEI2017-8-11 20:29:37