The Gunners beat the Hatters 4-3 in an enthralling seven-goal thriller at Kenilworth Road last week with Declan Rice scoring in the seventh minute of added time.
Mikel Arteta's side twice led against the newly-promoted club, before falling behind in the 57th minute, only to come back to nick all three points in dramatic fashion.
In doing so, the north Londoners moved five points clear at the top of the table.
And after throwing away an eight-point lead last season to Manchester City, the importance of the late win was not lost on the Arsenal squad.
The celebrations on the pitch were there for all to see, with players sprinting towards the away end following the full-time whistle to embrace the travelling fans.
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Even Arteta got carried away, with the Spaniard receiving his third booking of the campaign over his exuberant touchline antics.
Arsenal's raucous celebrations didn't end on the pitch, with the Daily Mail stating Luton officials were taken aback by the level of noise from their dressing room.
Commenting on their euphoria, a club insider said: "You'd have thought they'd won the league, not nicked a win at little Luton."
It has also been stated that Rice was serenaded with his anthem - Vanilla Ice's 'Ice, Ice Baby' - by his jubilant teammates.
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Arsenal have since taken a huge blow in their title tilt after losing 1-0 away at Aston Villa on Saturday.
Liverpool are the new league leaders following their late win over Crystal Palace at Selhurst Park earlier in the day.
Post-match press conference: Mikel Arteta (Premier League: Luton 3-4 Arsenal)
As for Luton, they suffered more heartbreak - this time against Pep Guardiola's City side.
Just like against Arsenal, they were on course for a famous victory, only to concede two quickfire goals in the second half through Bernardo Silva and Jack Grealish.
The 2-1 defeat leaves Rob Edward's men 18th in the table ahead of their trip to Bournemouth this weekend.