Chelsea had gone ahead in the 15th minute through a cool Cole Palmer penalty after Arsenal defender William Saliba rose to hold off Mykhailo Mudryk and the Ukrainian's header glanced off his opponent's hand. The referee awarded the spot kick after a VAR check.
Mudryk scored Chelsea's second three minutes after the break, lifting the ball into the top right hand corner of the net over the stranded Raya.
Both Raya and Chelsea keeper Robert Sanchez made errors in the high energy encounter, and it was Sanchez's sloppy distribution that led to Arsenal's 76th minute strike from Declan Rice, who won the ball and sent it past the keeper into an open goal.
Arsenal substitute Leandro Trossard silenced Stamford Bridge with a neat finish from a fine Bukayo Saka cross in the 84th to earn his side a point and keep them in the running at the top of the table.