The Gunners secured their forth win of the season which takes them within three points of leaders Manchester United.
Leicester were a goal up after 13 minutes when Jamie Vardy found the back of the net. Arsenal hit back with two goals before the break and Ozil provided the assist for his sides third goal in the 57th minute.
Alexis Sanchez and Olivier Giroud scored Arsenal’s two other goals while Jamie Vardy score late on for the Foxes.
Leicester were the only unbeaten side in the Premier League going into the game. Gokhan Inler was left on the bench for the duration of the encounter.
Arsenal v Leicester
Kick-Off: 15:00 GMT
Stadium: King Powell
Leicester City line-up: Schmeichel, De Laet, Huth, Morgan, Schlupp, Mahrez, Drinkwater, Albrighton, Kante, Okazaki, Vardy
Arsenal line-up: Cech, Bellerin, Mertesacker, Koscielny, Monreal, Flamini, Cazorla, Ramsey, Ozil, Sanchez, Walcott