The 15-year-old stole the show, but it wasn't enough as the Gunners lost 3-2 to Manchester United in the quarter-finals at the Emirates Stadium.
Dowman dazzled with his vision and passing during the first half before winning a penalty after the break.
The midfielder picked up the ball inside his own half where he proceeded to skip past the challenge of a United player.
Once inside the opposition half, Dowman drove down the right-hand side and into the United penalty area.
After turning a defender inside out, he was brought down, with the referee pointing to the penalty spot.
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Dowman himself stepped up to convert from 12 yards and put the hosts in front.
His run left rival fans in awe of the talented Arsenal youngster, who looks set to follow academy graduates Ethan Nwaneri and Myles Lewis-Skelly into the first team next season.
Reacting to his performance on social media, one Red Devils supporter wrote: "We need to go 3 for 3 and take Max Dowman from Arsenal."
Another United fan added: "We need to sign him."
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Meanwhile, a third fan commented: "Would probably walk into our first-team at the moment."
Dowman was promoted to the under-18s last summer whilst still aged just 14.
He has since scored six goals and provided seven assists in 16 appearances for Adam Birchall's side.
Meanwhile, he became the youngest player to feature for the under-21s back in December.
Dowman, who does not turn 16 until December, has also scored three times in ten caps for England's under-17s.
Despite already training with Mikel Arteta's first-team, a Premier League debut will have to wait.
The teenager cannot feature this season due to a rule preventing players from appearing if they are below the under-16 age group.
Dowman will not enter that age group until this summer, having only been born in 2009.
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Unfortunately for the Gunners, his heroics on Friday were not enough to book a spot in the semi-finals of the FA Youth Cup.
United pulled back level through Jaydan Kamason with five minutes remaining before Bendito Mantato grabbed the winner in extra-time.
The Red Devils will now visit either Aston Villa or Plymouth in the last four.
Watford host Manchester City in the other semi-final, with the ties scheduled for April 5.