The duo started for the Gunners at the King Power Stadium but their contributions were not enough to boost their top-four chances after back-to-back defeats to Crystal Palace and Wolverhampton Wanderers in the past week.
Iwobi was in action for the first 45 minutes before he was replaced by Laurent Koscielny while Aubameyang was on parade for the entire 90 minutes, but he could not add to his tally of 19 goals in the English top-flight.
Jamie Vardy's pair of goals and Yoeri Tielemans' header left the Gunners unmoved in the fifth spot, a point adrift of the top-four.
Nigeria's Wilfred Ndidi was on parade for 46 minutes for the Foxes while compatriot Kelechi Iheanacho was an unused substitute.
The Super Eagles will begin their campaign against Burundi on June 22.