The hero for Arsenal was 18-year-old Bukayo Saka who bagged an assist and got the equaliser for his side.
Arsenal were all but through before kick-off, with Standard Liege needing to win 5-0 to prevent the visitors from going through to the knockout rounds.
However, Samuel Bastien Standard Liege ahead on 47 minutes when his shot deflected off Sokratis and beyond the wrong-footed Emiliano Martinez.
Standard Liege doubled their lead on 69 minutes as Selim Amallah’s strike from inside the area flew into the far corner via a slight deflection off Konstantinos Mavropanos.
As Standard Liege went in search of more goals, Arsenal pulled a goal back on 79 minutes through Alexandre Lacazette who headed in Saka’s cross.
And just two minutes after Lacazette’s goal, Saka completed the comeback, curling a neat finish into the corner to secure the draw for Arsenal.
In the group’s other game, Eintracht Frankfurt lost 3-2 at home to Vitoria de Guimaraes but still managed to qualify for the next round.
Arsenal finished top of the group on 11 points while second placed Frankfurt had nine points, just a point above Standard Liege.
Other English teams that will also be in action in the Europa on Tuesday are Manchester United and Wolverhampton Wanderers.
In another Europa League game former champions Sevilla suffered their first defeat in the group stage following their 1-0 away loss to Apoel Nicosia.
Despite the defeat Sevilla topped the group on 15 points with Apoel second on 10 points.
And in some other results, former Super Eagles midfielder Ogenyi Onazi who just returned from a long injury layoff, featured in Trabzonspor’s away loss to Basel, Rennes beat visiting Lazio 2-0 and CFR Cluj beat Celtic 1-0.