There was also a wonderful back-heeled strike from Aaron Ramsey in between.Fulham pressed forward in the opening minutes as they looked for their first win over Arsenal since January 2012.
And Argentine midfielder Luciano Vietto very nearly beat Gunners keeper Bernd Leno in the second minute.
Fulham’s powerful Serbian forward Aleksandar Mitrovic also had a number of half-chances but was unable to get any clear shots in on goal.
Perhaps his best attempt was a thumped volley over the bar from outside the area.
Against the run of play, Lacazette opened the scoring in the 29th minute for Arsenal.
The Frenchman collected a pass from Nacho Monreal, spinning round past defender Tim Ream and rifling the ball low into the corner of the net from close range.
Fulham’s Andre Schurrle levelled the score just before the break, chipping calmly over Leno for his third league goal since joining the Cottagers in the summer on loan from Borussia Dortmund.
But the visitors ran rampant in the second half, with three unanswered goals.
Lacazette scored his fourth league goal of the season before substitute Ramsey back-heeled in an exquisite third for the Gunners after a pass across the area from Aubameyang.
The Gabonese striker then took the game away from the home side with two more goals that left Fulham with the worst defensive record in the league by a distance.
They have now let in four more goals than any other team.
“We don’t show the Premier League level, and this is our situation,” Fulham manager Slavisa Jokanovic told reporters.
“Today we tried, we offered some positive signs, but it’s not enough.”
The loss leaves the Cottagers on the edge of the relegation zone in 17th place.
Arsenal, on the other hand, move up to third above Tottenham on goals scored and ahead of Chelsea who play at Southampton later on Sunday. (Reuters/NAN)