A few weeks on from pulling off a magnificent stop against Aston Villa in the Premier League, Raya arguably bettered his reaction save from Ollie Watkins's header to deny Mateo Retegui on two occasions.
After a lukewarm first half, Arsenal conceded a penalty early in the second when Thomas Partey brought Ederson to the ground, but Raya dived to his right and was equal to Retegui's first effort from the spot.
However, the ball rebounded up into the air and was on a silver platter for the Atalanta striker to head home, only for Raya to somehow spring back up, dive the opposite way and claw Retegui's second attempt off the line.
The Gunners managed to scramble the ball behind for a corner before celebrating wildly around Raya, as Atalanta coach Gian Piero Gasperini was left with his head in his hands alongside most of the fervent Dea supporters.
Raya: 'Inaki Cana deserves credit for "lucky" save'
While the VAR room took a couple of minutes to confirm the penalty, Raya went to talk with Arsenal goalkeeping coach Inaki Cana, who was hitherto said to have been a 'concerning' presence in the Arsenal dressing room.
A 2021 report from The Athletic alleges that some members of the Gunners' playing staff were alarmed by the appointment of Cana, who previously worked with Raya at Brentford before immediately joining Arteta at Arsenal in December 2019.
The 49-year-old was particularly questioned for the failed signing of Alex Runarsson, whom he pushed for, but his reputation appears to have been restored after Raya insisted that his "lucky" double save was as much to do with Cana as it was him.
"It was just a penalty and I was lucky to go the right way. I was unlucky that the rebound went straight to him [Retegui] but I was quick enough to get up and save it. It is fantastic to be able to keep the clean sheet and to help the team to get at least a point," Raya told TNT Sports.
"It was a long wait and time to decide if it was a penalty or not, so I just wanted to speak to the goalkeeper coach to have more of a sense of which way I should go, what to do and what not to do. Credit to him because he helps me a lot in every aspect. He does all the work with everything and he also deserves credit for the save."
Arteta: 'Raya save is one of the best I have ever seen'
Raya and his steadfast defence subsequently managed to shut out Atalanta for the remainder of the match, avoiding the same fate as the likes of Liverpool and Bayer Leverkusen did against last year's Europa League champions.
After Robbie Savage labelled Raya's stop one of the best he has ever seen, Gunners boss Arteta shared the Welshman's sentiment, while also conceding that his side must sharpen up in the final third after some sloppy attacking play.
"It's probably one of the best saves I have seen in my career. He was unbelievable," Arteta added. "As we suspected, it was a tough match. Not the nicest to watch.
"We started really, really well and we were really commanding the game. We gave a lot of ball away and couldn't get any rhythm. There are a lot of positives and there are a lot of things for sure to improve."
Arsenal, who sit 16th in the league phase table after one matchday, now prepare for Sunday's Premier League blockbuster away to Manchester City, where they will be without injured captain Martin Odegaard once again.