The Gunners went into the New Year day's fixture after signing out of 2018 on the worst possible note, losing 5-1 to archrivals Liverpool on Boxing Day.
Despite the manner in which they lost, praise was reserved for Iwobi who created their only goal in the encounter and the 22-year-old followed up with a decisive showing against Claudio Ranieri's men.
25 minutes into the game, Iwobi crafted the Gunners’ opener, lofting a delightful pass into the path of Granit Xhaka in Fulham’s box for the Switzerland midfielder to convert.
That made it the third time the Super Eagle would be directly involved in goals in his last four Premier League games.
Five minutes before the hour mark, Iwobi again combined swiftly with Aubameyang and Saed Kolasinac to help Alexandre Lacazette get in on the act.
The visitors pulled one back through substitute
Aubameyang scored a fourth, albeit with the help of a huge deflection, to make the points safe for the Emirates outfit, also claiming his 14th Premier League goal of the season.
Teenage sensation Bukayo Saka was handed his top-flight debut, replacing compatriot Iwobi in the 83rd minute.