The German champions take on their Premier League rivals yet again in Europe's premier club competition, hosting the first leg of their round of 16 clash at Allianz Arena.
Die Roten have not been at their usual imperious form this season, but on Saturday opened up a seven-point gap at the top of the Bundesliga despite an unconvincing 2-0 win at Ingolstadt.
Lewandowski acknowledged the importance of the result heading into the upcoming match with Arsene Wenger's men.
And he believes that, at their best, his team-mates are capable of nullifying the threat from the Gunners, telling Bayern's official website: “The win in Ingolstadt was very important. Now we’re focused on the Champions League.
“Everyone’s waiting for this game. It will be a big challenge for us. I hope we can deliver a good performance and play really well here in Munich.
“Arsenal have very good footballers. They know what it means to play in the Champions League.
“We need to concentrate on ourselves. If we play our game then Arsenal probably won’t get many chances. But we must play well from back to front."
Bayern have knocked the Gunners out of the Champions League three times in the past four seasons, with the Bavarians going on to win the trophy in 2012-13 as part of a treble.