The Gunners had led through Aaron Ramsey's early goal and may have felt aggrieved to have been pegged back 16 minutes from the end via Harry Kane's penalty, the England forward becoming the all-time leading scorer in Premier League matches between these two sides.
Kane appeared to be offside from Christian Eriksen's free-kick before he was bundled over by Shkodran Mustafi, but the Gunners had a golden chance to restore their advantage in the first minute of time added on after Aubameyang went down easily under contact from Davinson Sanchez.
Yet Lloris, who was involved in a bizarre Kieran Trippier own goal in Wednesday's 2-0 defeat at Chelsea, kept out Aubameyang's weak effort low to his right before Jan Vertonghen denied the Gabon striker right on the line as Arsenal tried to capitalise on the rebound.
A disappointing conclusion for the visitors was made worse when Lucas Torreira received a straight red card for a high challenge on Danny Rose, as Spurs were able to salvage a point after back-to-back losses over the past week.
Alexandre Lacazette was one of five changes from Arsenal's midweek thrashing of Bournemouth and he ought to have done better than scuff an ugly effort wide from Alex Iwobi's deflected pass in the second minute.
Unai Emery's men were not forced to rue that miss, however, as Sanchez made a dreadful mess of a header near halfway and Lacazette released Ramsey to run clear, round Lloris and slot home.
The Gunners went close to a second shortly before the interval as Lloris palmed away Iwobi's curling effort – a save that was swiftly outdone by opposite number Bernd Leno, who denied Eriksen at point-blank range and then reacted superbly to tip Moussa Sissoko's follow-up over the bar.
As in the first half, Lacazette wasted a glorious chance early in the second, skewing horribly wide when picked out by Nacho Monreal's cut-back. The despondent Frenchman was swiftly replaced by Aubameyang.
Rose was thwarted at close quarters as Leno spread himself well once more but the goalkeeper was sent the wrong way by Kane five minutes later, the England forward keeping his cool after the linesman had failed to spot him straying beyond the last man in the build-up to the penalty award.
The drama and controversy did not end there, however, as Aubameyang was denied by Lloris and Vertonghen before Torreira was dismissed for a rash studs-up tackle on Rose.
What does it mean? Spurs stop the rot
Defeats to Burnley and Chelsea had seen Tottenham's title hopes torn to shreds, but they at least managed to avoid losing three straight in the league for the first time since 2012. Their first draw of the season maintains a four-point cushion to Arsenal, who could be replaced in fourth by Manchester United later on Saturday.
Lloris the late hero
Lloris' rash rush from his line at Stamford Bridge in midweek contributed to Trippier's own goal, but Spurs' captain redeemed himself here. It was by no means the finest penalty from Aubameyang, but the save rescued a precious point for Mauricio Pochettino.
Lacklustre showing from Lacazette
He may have laid on the goal for Ramsey, but Lacazette was guilty of two poor misses – one at the start of each half. The second proved particularly costly as it would have been hard to see Spurs fighting back from two down.
Key Opta Facts
- The result ended Tottenham’s run of 28 Premier League games without a draw, the third-longest run ever without a draw from the start of a top-flight season.
- Arsenal remain the only side in the Premier League yet to register an away clean sheet this season.
- Meetings between these sides in the Premier League have seen both teams score on 36 occasions – more than any other fixture in the competition.
- No fixture in Premier League history has seen more goals from penalties than Arsenal v Tottenham (18 - level with Everton v Newcastle).
- Kane has scored nine of Tottenham's last 12 Premier League goals against Arsenal; only Wayne Rooney (12) and Robbie Fowler (10) have scored more Premier League goals against the Gunners.
- Torreira is the first player to pick up a red card as a substitute for Arsenal in the Premier League since Robin van Persie against Stoke City in November 2008.
Both sides are in European last-16 action in midweek. Tottenham visit Borussia Dortmund in the Champions League, looking to defend a 3-0 lead, while Arsenal travel to Rennes for the opening leg of their Europa League tie. In terms of Premier League assignments, next weekend sees Spurs visit Southampton before the Gunners host United in another crunch clash.