Substitute Joe Allen scored a 90th minute equalizer as the Gunners lost its outright lead at the top of the table, with Leicester keeping up its surprising title challenge with a 1-0 win at Tottenham.
Four goals were scored in 15 frantic minutes in the first half, with Roberto Firmino twice giving Liverpool the lead only for Aaron Ramsey and Giroud to bring Arsenal level.
But Arsenal moved ahead for the first time on 55 minutes when Hector Bellerin and Campbell combined to find Giroud in the area and he slickly turned Kolo Toure to plant a finish into the far corner.
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Arsenal, however, showed no assurance or authority when the pressure mounted in the closing stages and there was an inevitability about Allen’s equaliser.
The midfielder latched on to fellow substitute Christian Benteke’s header to volley home at the death as an end-to-end clash finished all square.
Hopefully, we are not going to have to regret this goal at the end of the championship,” said Arsenal striker Olivier Giroud.
Only a superior goal difference is keeping Arsenal above Leicester as the Foxes defeated Tottenham 1-0 at White Hart Lane.
Robert Huth scored the winner for Leicester in the 83rd minute.
Leicester manager Claudio Ranieri said after the match: “Unfortunately it’s January, not May. We have to remain calm and believe in what we’re doing.”
Manchester City was held to a 0-0 draw at home at Everton and is three points off the lead in third place.
Meanwhile, A late equalizer also deprived Chelsea of victory. The champions’ revival under new coach Guus Hiddink was slowed by a 2-2 draw at home to West Bromwich Albion, which twice came from behind at Stamford Bridge.
Craig Gardner canceled out Cesar Azpilicueta’s opener before half time and then James McClean pounced in the 86th minute to level at 2-2 after an own goal by Gareth McAuley had restored Chelsea’s lead.
In other results of the night, Jermain Defoe scored a hat-trick as Sunderland defeated 10-man Swansea 4-2, Southampton defeated Watford 2-0, while Stoke moved up to seventh after a 3-1 win over Norwich.