Aaron Loupalo-Bi put Fleetwood ahead in the 21st minute. Viktor Gyökeres equalised in the 50th, but Arsenal could not take the lead. The London side finished with ten players after Max Dowman was sent off in the 85th minute.
Goalkeeper Jay Lynch saved Bruno Guimarães’s penalty. Conor Haughey then converted Fleetwood’s fifth kick, completing a perfect shoot-out for the hosts. Penalties followed normal time directly, with no extra time.
Fleetwood progress to the last eight of the competition. Arsenal, the reigning English champions, exit the League Cup.