Under-pressure Gunners boss Unai Emery needed a positive result to lift the gloom around Arsenal after it let slip a two-goal lead to draw 2-2 with Crystal Palace, but Jurgen Klopp's irrepressible young Reds prevailed.
Shkodran Mustafi's own goal and James Milner's penalty bookended a Lucas Torreira strike and Gabriel Martinelli's double in a first half characterised by defensive errors and gung-ho attack.
Ainsley Maitland-Niles extended Arsenal's 3-2 interval lead before strikes from Alex Oxlade-Chamberlain and Divock Origi levelled the contest, only for Joe Willock to put Arsenal back in front with a wonderful solo effort 20 minutes from time.
⚽️ GOAL!! INSANE strike from #JoeWillock!!! This is absolutely NUTS 💥💥💥 @LFC 4️⃣-5️⃣ @Arsenal | Watch LIVE on beIN SPORTS CONNECT ▶️ https://t.co/FtWoIbzzw9 | #CarabaoCup | #LIVARS | #EFL pic.twitter.com/F9THL3wjZH— beIN SPORTS (@beINSPORTS_AUS) October 30, 2019
But Origi penetrated Arsenal's porous defence again to take the game to penalties, and Dani Ceballos had his spot-kick saved as Liverpool clinched a place in the quarter-finals at the expense of its beleaguered visitors.
⚽️ GOAL!! No way 😱😱😱 #DivockOrigi has sent us to a shootout!! Breathless!! @LFC 5️⃣-5️⃣ @Arsenal | Watch LIVE on beIN SPORTS CONNECT ▶️ https://t.co/0LzfneH2kx | #CarabaoCup | #LIVARS | #EFL pic.twitter.com/yM5AYGgGDX— beIN SPORTS (@beINSPORTS_AUS) October 30, 2019
😲 It's OVER, and @LFC wins the shootout after the most astonishing night at Anfield. Well played @Arsenal, but even FIVE goals is not enough to beat this Reds machine! #CarabaoCup | #LIVARS | #EFL | Watch LIVE on beIN SPORTS CONNECT https://t.co/G3ZptsRRgA pic.twitter.com/YjG4vPnjdB— beIN SPORTS (@beINSPORTS_AUS) October 30, 2019