Arsenal looked to be cruising to a 4-2 win until disaster struck when Jermaine Jenas took advantage of a Gael Clichy slip in the 90th minute before Aaron Lennon was on hand to stab the ball home with just seconds remaining to send the Spurs fans remaining in the ground into raptures.
Tottenham had arrived at the Emirates on a comparative high, on the back of their first victory of the season and were still basking in the Redknapp factor.
How would Spurs approach the game? They set up with Roman Pavlyuchenko on his own in attack, but around him were players ready to break forward.
In fact, it was the visitors who created the first real chance after just three minutes when Tom Huddlestone picked out Gareth Bale with a delightful cross-field pass behind the Gunners defence.
His shot at the near post hit the side-netting, but was just inches away from beating Manuel Almunia.
Arsenal's first real effort on goal came from a snap-shot by Theo Walcott in the 12th minute after being set up by Emmanuel Adebayor. The England star's left-foot shot rolled just inches wide of the right post.
Tottenham stunned the Arsenal faithful when they took the lead on 13 minutes with a 40-yard David Bentley spectacular. The former Gunner lifted the ball up for himself to send a dipping shot over Almunia, who could only help the ball into the net.
Heurelho Gomes was forced into a save a minute later from a fine Robin van Persie free-kick and the Dutch striker went close again with a curling low shot from outside the right side of the area that shaved the left post.
William Gallas should have levelled the scores on 22 minutes after Gomes spilled a corner. The ball was poked towards the Arsenal captain by Adebayor, but the Frenchman fired over the bar.
Walcott was becoming Arsenal's favoured source of attack and forced a save out of the Spurs keeper on 32 minutes, and Clichy had a shot that flew just over the bar 60 seconds later.
Arsenal were turning up the pressure, but Gomes was up to Cesc Fabregas' shot on 36 minutes, getting down well to parry the fizzing low drive from the left side.
Arsenal did however level the scores from the resulting corner. Van Persie delivered an inswinger that Mikael Silvestre headed into the net unchallenged.
The second half was barely a minute old when William Gallas powered home a header from van Persie's free-kick from the right to give the Gunners a deserved lead.
Arsenal continued to press and both Denislon and Silvestre went close again shortly after the goal.
Adebayor should have increased Arsenal's lead on 60 minutes when presented with the ball inside the Tottenham area, but somehow hooked his shot wide when it seemed easier to hit the target.
Bentley tested Almunia again on 62 minutes with a well-struck low drive from the right side of the area, but this time the Spanish keeper was up to the task, getting down well to gather the ball.
It was 3-1 to the Gunners on 64 minutes after van Persie's ball forward released Samir Nasri and the Frenchman lifted the ball towards goal. Adebayor was on hand to make sure the ball crossed the line.
Spurs fans were celebrating just four minutes later though when Huddlestone's 20-yard drive was too hot to handle. Almunia spilled the ball and Darren Bent was on hand to poke the ball home with his first touch of the game.
Spurs' celebrations were short-lived however as the Gunners restored their two-goal margin just a minute later after Alan Hutton had misplaced a back-pass directly into the path of Adebayor.
The Togo striker then accelerated into the box before squaring the ball to van Persie on the right side of the area. The Dutch striker then picked his spot before drilling home a right foot shot past a stranded Gomes.
Adebayor should have added another but somehow headed down and wide from just three yards out in front of goal, a woeful miss.
There was more drama as the clock run down to full time. Clichy somehow slipped over the ball and was robbed by Jenas who promptly ran up to the edge of the Arsenal area to curl a shot low into the right corner beyond Almunia to make it 4-3.
The Emirates Stadium was silent - partly because a large section of the Tottenham support had left the ground, but also because the home fans had become distinctly nervous.
Four minutes of stoppage time added to the tension, as did the Arsenal players who seemed to be inviting Spurs on.
A goal looked inevitable and it came in the dying seconds when a shot from Luka Modric struck the post and Lennon was quickest to poke the ball home past Almunia to claim what just a few minutes earlier had been an unlikely share of the points.