The Germany international believes the Bavarians can make it to the next stage, while Karl-Heinz Rummenigge also feels that the Bundesliga leader is the favorite in the matchup.
The Bavarians have reached the final of European club football's elite competition twice in the past three years, and Lahm is confident of overcoming the Gunners.
|THE DRAW IN FULL
|Galatasaray v FC Schalke
Celtic v Juventus
Arsenal v Bayern Munich
Shakhtar v Borussia Dortmund
AC Milan v Barcelona
Real Madrid v Manchester United
Valencia v Paris Saint-Germain
FC Porto v Malaga
First legs will be played on either February 12/13 or19/20, with the return legs on March 5/6 or 12/13.
"It's a nice draw. We definitely have a chance to qualify for the next round. We will make it if we make good use of our immense quality," Lahm was quoted as saying on the club's official website.
"Arsenal are a team I have never faced before and I have never played in their stadium before either. The fans and players can all look forward to two games in a great atmosphere.
"I'm also looking forward to meeting [Lukas Podolski] Poldi and Per [Mertesacker] again. It's always special to take on your colleagues from the national team."
Meanwhile, Bayern CEO Karl-Heinz Rummenigge believes the German giant is the team to beat, without underestimating Arsene Wenger's side.
"I think we enter his match as the slight favorites, but we cannot make the mistake of underestimating them," Rummenigge said.
"Arsenal have struggled at times in the league over the last few months, which a look at the standings in the Premier League will tell you.
"But by no means will this be an easy game for us. I look forward to our game in London and back home in Munich."
The first-leg of the tie takes place at the Emirates on Feb. 19.