Fleetwood Town pulled off one of the biggest upsets in Carabao Cup history as they beat Premier League champions Arsenal in an astounding penalty shootout to reach the quarter-finals.

Mikel Arteta's side were left shell-shocked when Aaron Loupalo-Bi gave the hosts - ranked 84 places below the Gunners in the football pyramid - an unexpected lead in the 21st minute.

Viktor Gyokeres pulled the visitors level after the break, but a wasteful Arsenal side could not put the game to bed and they were reduced to 10-men in the 86th minute when teenage starlet Max Dowman kicked out after a hefty tackle by Harrison Neal.

Jay Lynch made two sublime saves to stop Ben White and Martin Odegaard right at the death to take the hosts to penalty shootout.

And the Fleetwood goalkeeper pulled off more heroics as he stopped Bruno Guimaraes' spot kick before Conor Haughey sparked scenes of ecstasy at Highbury Stadium by converting the winning penalty.

Fans flooded onto the pitch, players swore in their post-match interviews, while manager Matt Lawlor was reduced to tears during the emphatic celebrations.

Fleetwood will find out their quarter-final opponents when the draw takes place following the conclusion of Chelsea's game against Liverpool on Wednesday.

Arsenal were welcomed by flames and fireworks, but the game had barely got going before referee Michael Salisbury stopped play after spotting a drone flying above Highbury Stadium.

The match re-started eight minutes later - after the players had briefly been instructed to leave the pitch - and Arsenal were soon caught off guard when Loupalo-Bi rolled Marli Salmon and slotted past Illan Meslier.

Despite having countless chances and dominating possession, Arteta's side trailed at the break - much to the delight of the raucous home crowd.

But the Fleetwood's elation did not last long as Gyokeres scrambled in the six-yard box to poke home an equaliser four minutes into the second half.

Introduced at half-time, captain Martin Odegaard had injected a sense of urgency into the team, but they still lacked a clinical edge - with only one goal to show for 26 shots and 59 touches inside the Fleetwood box.

Their evening in the north west went from bad to worse when 16-year-old Dowman saw red, kicking out at Neal before facing the wrath of Arteta as he headed down the tunnel.

Meslier, making his debut for the Gunners, failed to get close to any of the Cod Army's penalty kicks, while it was a lacklustre strike from Guimaraes that sealed the Gunners' fate.

With Fleetwood languishing in 18th in the English fourth division, Arteta made nine changes from Saturday's win over Everton - opting for a blend of youthful talent and Premier League non-starters.

Making just his second senior appearance for Arsenal, Salmon lacked the physicality needed to hold off Loupalo-Bi before the Fulham loanee jabbed the ball through Meslier's legs - and the 17-year-old defender was hauled off at half-time.

Fleetwood's defenders, meanwhile, gave everything to keep Arsenal at bay, with Rhys Bennett, Conor Haughey and Shaun Rooney all throwing themselves in front of every shot as they weathered wave upon wave of relentless pressure.

The home fans - perhaps expecting Arsenal to open the floodgates at some stage - took delight in their side's ability to hold on for so long , and chants of "champions of England, you're having a laugh" echoed around Highbury Stadium.

Ultimately, it came down to conviction. Ronan Coughlan, Neal, Will Davies, Andy Cannon and Haughey each slammed their penalties emphatically past Meslier, showing a fearlessness that stood in stark contrast to Arsenal's timid overall performance.