Leicester City’s new acquisition Kelechi Iheanacho saw his first competitive match for the Foxes end in defeat.
Kelechi was introduced in the 80th minute of the encounter for Matt James, in a game the Gunners stole the victory in the last 10 minutes.
Wilfred Ndidi as expected started the game and made meaningful impact, but he was unable to stop Arsenal from running out 4-3 winners.
Alexander Lacazette put the gunners ahead 94 seconds into his debut, but Leicester City leveled through Shinji Okazaki two minutes later. The visitors then went ahead when Vardy tapped in a cross from Marc Albrighton before Danny Welbeck drew Arsenal level at the end of the first half.
Vardy’s header in the second half saw the Foxes regain the lead. Two late goals from substitutes Aaron Ramsey and Olivier Giroud overtuned the tie which ended 4-3 in favour of Arsenal.
Ahmed Musa was not named in the matchday squad as speculation about his his future continues. The 25-year-old has been linked with a move to championship side Hull City.
Meanwhile, Arsenal’s Alex Iwobi was an unused substitute in the game.
Arsenal will journey to Britannia stadium on matchday two to face Stoke City, while Leicester City will host Premier league new boys Brighton Hove Albion next weekend.