The League Two side held their nerve in the fourth-round tie, with goalkeeper Jay Lynch saving Bruno Guimarães’ penalty before Conor Haughey converted the decisive spot-kick to send Fleetwood into the quarter-finals.
The result was a major setback for Mikel Arteta’s Arsenal, who struggled to break down their lower-league opponents despite enjoying extended spells of possession.
Loupalo-Bi gives Fleetwood a shock lead
Fleetwood took a surprise lead in the 21st minute when Aaron Loupalo-Bi capitalised on a defensive mistake to beat Arsenal goalkeeper Illan Meslier.
The hosts, who were sitting 18th in League Two, showed little fear against the reigning Premier League champions and defended resolutely after moving in front.
Arsenal dominated possession but struggled to turn their control into clear-cut opportunities during the first half.
Arteta introduced Martin Ødegaard at the interval as he sought to change the course of the tie.
Gyökeres equalises for Arsenal
Arsenal found their equaliser five minutes into the second half when Viktor Gyökeres finished from close range following a move involving Ceadach O’Neill.
The goal brought the Gunners back into the contest, but they were unable to find a winner despite creating further chances.
Fleetwood goalkeeper Jay Lynch produced crucial late saves to deny Ben White and Ødegaard, ensuring the match went to a penalty shoot-out.
Dowman sent off in dramatic finale
Arsenal’s frustration increased when 16-year-old Max Dowman was sent off in the closing stages following an incident involving Fleetwood midfielder Harrison Neal.
The dismissal left Arsenal to finish the match with 10 players and added to the tension as the tie approached its decisive moment.
Despite the numerical disadvantage, Arsenal survived until the shoot-out, where Fleetwood took full advantage of their opportunity.
Lynch and Haughey seal historic victory
Both teams converted their opening three penalties before Lynch saved Guimarães’ effort for Arsenal.
Haughey then stepped forward and scored the decisive penalty, completing Fleetwood’s 5–3 shoot-out victory and triggering jubilant celebrations among the home supporters.
Fleetwood manager Matt Lawlor was visibly emotional after the final kick, as supporters celebrated a result that will be remembered as a landmark moment in the club’s history.
Arsenal turn attention to Liverpool clash
The defeat ends Arsenal’s EFL Cup campaign and leaves Arteta to assess a disappointing night ahead of the club’s Premier League trip to Liverpool on Sunday.
Fleetwood, meanwhile, will discover their quarter-final opponents after the remaining fourth-round fixtures are completed.
For the League Two club, the victory represents a memorable achievement against the reigning English champions and a place in the last eight of the competition.