With both teams under new management and desperately looking to return to the top four, this early-season showdown already has big implications.
The Gunners were soundly beaten by Manchester City in their opening game under Unai Emery, while the Blues saw off Huddersfield Town 3-0 in West Yorkshire to give Maurizio Sarri a winning start.
Follow all of the action as it unfolds in West London with our extensive updates below.
CHELSEA: Kepa; Azpilicueta, Rudiger, David Luiz, Alonso; Kante, Jorginho, Barkley; Willian, Morata, Pedro
SUBS: Kovacic, Hazard, Caballero, Moses, Christensen, Giroud, Zappacosta
ARSENAL: Cech; Bellerin, Sokratis, Mustafi, Monreal; Xhaka, Guendouzi; Mkhitaryan, Ozil, Iwobi; Aubameyang
SUBS: Leno, Elneny, Ramsey, Lacazette, Torreira, Lichtsteiner, Welbeck
Chelsea could have added a fourth goal to their tally from the final meaningful act of the game, but Olivier Giroud was denied by Petr Cech when the Blues were left with two against one. Not that it matters - the home side have won back-to-back matches under Maurizio Sarri, with Marcos Alonso's late striker here securing a 3-2 win over London rivals Arsenal. Thanks for joining our live coverage of the match!
90+3 min FULL TIME: CHELSEA 3-2 ARSENAL
90+1 min That Aaron Ramsey shot aside, Arsenal have not really looked like scoring since falling behind. The Gunners did brilliantly to battle back from two down in the first half, but opponents Chelsea have been the better team overall.
89 min CLOSE! David Luiz is caught out at the back and Aaron Ramsey so nearly punished him. The Welshman struck a fierce shot than dipped on to the roof of Kepa's net. Three minutes have been added on at the end of this second half.
87 min Chelsea are the side knocking on the door for a fourth goal, with Olivier Giroud forcing Petr Cech into a decent save. We are now into the final few minutes and it is not looking as though it is going to be Arsenal's day.
85 min The onus is now on Arsenal to find a leveller in the remaining five minutes. They showed great character in the first half to come back from two goals down, but they have not really offered much in an attacking sense in the second 45.
83 min Chelsea have been knocking on the door and they appear to have found a winner in this crazy London derby. Eden Hazard assisted the goal by creating some space down the left and squaring it for Marcos Alonso to tuck past Petr Cech.
82 min CHELSEA 3-2 ARSENAL (MARCOS ALONSO)
82 min N'Golo Kante has been a huge goal threat today. The Frenchman gets away from Sokratis but can only head the cross over the bar - he should have been testing Petr Cech at the very least. Into the final 10 minutes and we remain locked at 2-2.
80 min Ramsey's low shot is not held on to by Kepa, and Lacazette was first to the rebound. The free kick was awarded for an infringement, though, meaning that Chelsea survived a real scare. Shkodran Mustafi has been cautioned for his challenge.
78 min Chelsea have been the better side in this second half and will feel that they deserve a winner. Cech has not been seriously tested enough since the restart, though, and as things stand the sides will take a point apiece from the contest.
76 min SUBS! More attacking changes, with Alexandre Lacazette on for Alex Iwobi and former Gunner Olivier Giroud replacing Alvaro Morata. Before that, David Luiz's dipping free kick was parried to safety by Petr Cech.
74 min Brilliant from Eden Hazard, who somehow managed to wriggle away from a fatigued Hector Bellerin and put a nice ball across the face of goal for one of his teammates to tap in. There was nobody around, though, and another opportunity goes begging.
72 min We rarely saw Ozil taken off during Wenger's tenure - Emery is clearly not afraid to make big calls such as this one. It was the most obvious change to make, in truth, as the German has not been at full flow and a fresh Ramsey has the ability to turn the game in his side's favour.
70 min ARSENAL SUBS! Here comes that second Arsenal change, 25 minutes after the first, as Aaron Ramsey comes on for the disappointing Mesut Ozil in a like-for-like change behind lone striker Pierre-Emerick Aubameyang.
68 min Arsenal fail to clear Morata's mishit cross, but they got away with it as the follow-up shot was blocked. Surprised Gunners boss Emery has yet to make his second change of the game, with Aaron Ramsey and Alexandre Lacazette among his options.
66 min Jorginho, better known for his creativity from deep than his goalscoring, gets a shot away from range which deflected into the path of Petr Cech. The Blues are looking the more likely side to nick a fifth goal of the evening.
64 min Chelsea are the side in control of possession and they are looking lively, but Arsenal have shown countless times today that they have the ability to create openings pretty much out of nowhere. Cech saves from Morata, but the offside flag was up.
62 min CHELSEA SUBS! Mateo Kovacic and Eden Hazard, being eased into the side, are brought on for the final 28 minutes. Ross Barkley, whose best moment saw his shot kept out by Petr Cech, and Willian are the players to make way.
60 min Aubameyang with a brilliant little finish from his most difficult chance yet, but the offside flag had already gone up. We have now played an hour at Stamford Bridge - will either manager be tempted to make a change in the next few minutes?
58 min Ross Barkley's best moment of the match so far, flicking the ball into some space and getting an angled shot on target which Petr Cech was equal to. Chelsea are starting to turn the screw a little now in search of the game's fifth goal.
56 min More than 10 minutes of the second half played and we are awaiting the first clear-cut opportunity. Aubameyang has gone in behind at one end and Kante had a shot blocked at the other, but Cech and Kepa have not been tested since the restart.
54 min N'Golo Kante is going to bag far more goals this season than we have become used to. The Frenchman is again picked out in a good position inside the box, but on this occasion his shot is blocked before it could find the back of the net.
52 min Chelsea looking a little calmer over the past couple of minutes. Arsenal are pressing high up the pitch, but more importantly than that is the fact they are doing it as a unit. Monreal comes in from nowhere but is unable to meet a cross into the box.
50 min Pedro attempts to chip the ball over Petr Cech but does not quite pull it off. Five minutes into the second half and we have yet to see a goal! Eden Hazard has been sent out to warm-up, which is not a good sight for Arsenal fans.
48 min The early signs are promising for the neutral - the two sides still cannot defend. Pierre-Emerick Aubameyang, guilty of missing two glorious chances this evening, fizzes the ball across goal after getting in behind, but nobody in red could get on the end of it.
46 min We are back under way at Stamford Bridge, where there is news of a half-time change - Lucas Torreira, who many tipped to start today, is on for Granit Xhaka in a like-for-like change. Chelsea remain as they were from the end of a thrilling first half.
Yet another big chance goes begging for Arsenal, with Alex Iwobi failing to convert from right in front of goal moments before the half-time whistle sounded. We have a game of the season contender in West London, where it is 2-2 at the break.
45+3 min CHELSEA 2-2 ARSENAL
45+2 min This is an incredible game of football. Both teams have forgotten how to defend, with Alex Iwobi the latest to take advantage, getting into a good position down the left and teeing up Pierre Emerick-Aubameyang to slot narrowly wide - another big chance goes begging for the Gabonese striker.
45 min All of a sudden, Arsenal are now the time in the ascendancy and chasing a third goal of the evening. Matteo Guendouzi carries the ball forward and gets in a decent, low shot for Kepa Arrizabalaga to get behind.
43 min Talk about turning a game on its head! Arsenal, two goals down five minutes ago are back on level terms in West London. Henrikh Mkhitaryan had far too much time down the right to pick out Alex Iwobi in the middle, and the Nigerian smashed the ball high into the net.
42 min CHELSEA 2-2 ARSENAL (ALEX IWOBI)
41 min Arsenal switch off after grabbing themselves a lifeline, with Alvaro Morata working himself some space and getting a shot away that forced Petr Cech into a half-decent stop. This has been a gripping first half at Stamford Bridge.
39 min He was guilty of missing a good chance a little earlier, but Henrikh Mkhitaryan does now have his name on the scoresheet in what is turning out to be a thrilling game. The Armenian unleashed a shot from 20 yard, which Kepa Arrizabalaga could not keep out despite getting a touch to the ball.
38 min CHELSEA 2-1 ARSENAL (HENRIKH MKHITARYAN)
37 min Willian is the latest to get in behind and pick out Kante, who could not squeeze the ball home. Prior to that, Arsenal again got themselves in trouble when attempting to play it out from the back - Granit Xhaka the guilty party this time.
36 min Two shocking misses from Arsenal's perspective in this first half - had Aubameyang or Mkhitaryan converted the scoreline would look a little different. Chelsea have to be careful now because their levels have dropped since Morata's goal.
34 min Shkodran Mustafi is extremely lucky to get away with this, as he loses possession deep in his own half but wins a free kick. Mkhitaryan and Ozil have shots blocked on the edge of the Chelsea box, before Mkhitaryan skied a sitter from nine yards.
32 min No chances at either end since Alvaro Morata doubled Chelsea's advantage with a well-taken goal. As the cliche goes, the next goal in this game, if there is to be another one, really will be crucial.
30 min Two games into the season and Granit Xhaka has just picked up his second yellow card. A nasty challenge from the Swiss, but is was not deserving of anything more than a caution. Arsenal at risk of losing their heads as we hit the half-hour mark.
28 min It was Cesar Azpilicueta who claimed the assist for that second goal. The versatile Spanish defender linked brilliantly with his compatriot in the first half of last season; getting them back on the same wavelength was no doubt a priority for Sarri.
26 min That goal will give Morata plenty of confidence - just his second strike in 17 matches since December 26. A big 20 minutes ahead now; Chelsea will be looking to protect their two-goal advantage for the second half.
24 min A penny for Emery's thoughts right now. His team have been second best this evening, as the scoreline suggests, but they really should have been on level terms. Just 55 seconds between Aubameyang missing a sitter and Morata tucking the ball past Cech.
22 min Chelsea's first goal came a minute after a miss up the other end; this one was no different, as 55 seconds after Aubameyang's shocking miss the ball is being put past Petr Cech. Alvaro Morata got on the end of a long ball, cut inside Mustafi and kept his cool to convert.
21 min CHELSEA 2-0 ARSENAL (ALVARO MORATA)
20 min This is an unbelievable miss from Pierre-Emerick Aubameyang, who is one goal short of 150 in European football's elite leagues. Hector Bellerin bursts into the box and lays it off nicely for the Gabonese, but he could only hit it over the bar from 10 yards.
19 min Better from Arsenal, as the ball is slid into some space for Pierre-Emerick Aubameyang. The striker does better with this shot compared to the one a couple of minutes in, but it was still pretty much straight at Kepa Arrizabalaga from an angle.
17 min There has been no change to the flow of the game - Chelsea are constantly getting in behind and are good value for their one-goal lead. Arsenal have created just one opening so far, which Mesut Ozil was unable to make the most of.
15 min So, so easy for Chelsea. Jorginho is bossing things in the engine room, picking out Kante - yes, Kante! - inside the box with a searching ball. The Frenchman eventually found Ross Barkley, whose shot dipped on to the roof of the net.
13 min That is the second time today that Hector Bellerin has been caught out at the back. Had Mesut Ozil converted Nacho Monreal's cross 60 seconds before that Pedro goal, it would not have mattered. Worrying signs for the Gunners.
11 min Mesut Ozil volleyed wide at one end and, a minute or so later, Chelsea were putting the ball in the back of the net up the other. Jorginho sends Marcos Alonso away down the left and the Spaniard squared it for Pedro to finish off.
10 min CHELSEA 1-0 ARSENAL (PEDRO)
9 min Chelsea are knocking the ball around with ease in the early stages; Luiz, Jorginho and Kante are seeing plenty of it. Arsenal, much like last weekend, are trying to pass their way out from the back but are not really getting anywhere.
7 min Jorginho with great vision to send the ball over the top to Ross Barkley, who could not bring in under control. Poor from Hector Bellerin as he attempted to step out of defence to catch the midfielder offside, but got it horribly wrong.
5 min David Luiz, who many believed will struggle in Sarri's four-man backline, gets forward in trademark fashion and sends a dipping shot over the crossbar. Less than a minute later, Pedro cut inside and sent a curler equally as wide.
3 min An early save for home debutant Kepa Arrizabalaga to make, but it is pretty much the simplest stop he will make all season. Pierre-Emerick Aubameyang failed to make the contact he wanted on the edge of the box, with the ball trickling towards goal.
1 min Arsenal, aiming to avoid back-to-back defeats to begin Unai Emery's tenure, get us up and running in this blockbuster clash. While the Gunners were soundly beaten by Manchester City, Chelsea saw off Huddersfield Town 3-0 in their opener.