Trevoh Chalobah put the hosts ahead early in the second half and gave them hope of a memorable victory.
Arsenal, however, equalised through Mikel Merino to go five points clear of Manchester City at the top-flight summit.
Standard Sport’s Simon Collings analyses three key Arsenal talking points from Stamford Bridge…
Arsenal left with mixed emotions
In the immediate aftermath of this game, Arsenal will feel like it was two points dropped rather than one gained.
Before kick-off, a draw may have been viewed as a good result given that Arsenal were without both their first-choice centre-backs, Gabriel and William Saliba, due to injury.
Chelsea, however, played over 50 minutes of this game with 10 men after Caicedo was sent off for a late challenge on Merino.
From that position, Arsenal would have expected to go on and win. In the end, they had to settle for a draw after a pulsating London derby.
Mikel Arteta could rightfully be frustrated. With Chelsea down to 10 men, it felt like they were there for the taking.
Arteta, in fairness, tried to go for the jugular, throwing on Martin Odegaard, Noni Madueke and Viktor Gyokeres.
All three, however, seemed understandably rusty after only just returning from injury and could not make a difference.
Arsenal’s inability to go on and win the game against 10 men may have left them rueing this opportunity.
But a point against Chelsea, who look like serious contenders in the title race, is not a bad one.
Saliba picked up a knock in training, so Cristhian Mosquera and Piero Hincapie both started in defence.
It was only the second time since the start of the 2022-23 season that Arsenal played a league game without one of Gabriel or Saliba starting.
In that context – and without a recognised striker starting and captain Odegaard only on the bench – a point before kick-off may have felt like a good one.
A disjointed performance from Arsenal, where they never really got going, only added to the sense that a draw was what they deserved.
Merino gives Arteta food for thought
Arsenal have spent the last month playing without a recognised striker.
In that time, Merino has led the line well and he was at it again on Sunday, scoring the equaliser.
Bukayo Saka got down the right flank and his perfect cross was headed home by the Spaniard.
Merino has scored three goals during this stint as an emergency No9, and it has given Arteta plenty to ponder.
Gabriel Jesus was back on the bench for the first time in over 300 days, while Gyokeres made his first appearance since the start of November.
Kai Havertz is hoping to join them soon and that will give Arteta three strikers to pick from.
Merino, though, is showing himself to be a genuine option, even when all of those strikers are fit.
Not only is he scoring, but the Spaniard is making those around him play better, too.
