Jimenez appeared to be knocked unconscious following a fifth-minute clash of heads with David Luiz and received oxygen on the field during almost 10 minutes of treatment before being taken to hospital.
In the absence of their top scorer, Wolves hit the front through Pedro Neto and, although Gabriel briefly headed Arsenal level, the visitors claimed a deserved three points through Daniel Podence's superbly taken 42nd-minute winner.
The result moves Wolves up to sixth in the table, with Arsenal languishing in 14th.
Following the long delay and amid a fog of deep concern over Jimenez's wellbeing, Wolves took a 27th-minute lead.
Adama Traore got the better of Kieran Tierney down the Arsenal left and Neto was on hand to convert when Leander Dendoncker's header came back off the crossbar.
The visitor's advantage did not last long, with Gabriel powering home Willian's cross from a well-worked short corner.
Opportunism and poor Arsenal defending were again evident when Wolves made it 2-1 - Podence deftly lifting a bouncing ball over Gabriel and finding a finish after Bernd Leno saved Neto's deflected strike with his legs.
Traore was influential during the build-up once more and then slashed a stoppage-time attempt into the side netting.
The direct running of Wolves' attackers continued to cause Arsenal problems after the break and Hector Bellerin needed a last-ditch block to deny Podence with an hour played.
Wolves' superiority appeared to encourage sloppiness inside the final 20 minutes, with chances offered up to Pierre-Emerick Aubameyang and Reiss Nelson.
Aubameyang remains without a Premier League goal in open play since the opening weekend of the season and headed wastefully over from Bellerin's 82nd-minute delivery.