A goal from Bukayo Saka, who this week signed a new long-term contract with the club, and a late strike from substitute Alexandre Lacazette extended the Gunners' winning run to four in all competitions.
It also lifts them into seventh in the table, three points behind Wolves and six adrift of fourth-place Manchester United, who earlier beat Bournemouth 5-2 at Old Trafford.
Although Chelsea can go back into the top four if they defeat Watford, the result at least keeps Arsenal's hopes of a Champions League return alive at the start of a difficult run of games that includes a north London derby and meetings with two of the top three.