Arsenal came out on top in a topsy-turvy north London derby.
Noureddine Naybet volleyed Spurs ahead before Thierry Henry levelled in first- half injury-time and Lauren's penalty put Arsenal ahead after 53 minutes.
Patrick Vieira added a third on the hour, and even though Jermain Defoe's strike gave Spurs hope, Freddie Ljungberg restored the two-goal lead.
Ledley King headed Spurs' third, and even after Robert Pires hit Arsenal's fifth, Freddie Kanoute was on target.
Arsenal manager Arsene Wenger will have been happy with the victory, but he will question his team's defence after an astonishing game.
And for new Spurs head coach Martin Jol, in his first Premiership match since taking over from Jacques Santini, he saw his own side's frailties cruelly exposed.
Wenger effectively restored his first-choice line-up after a young second-string beat Everton in the Carling Cup on Tuesday.
But it was not an impressive opening 45 minutes from Arsenal's big guns as Spurs dominated territory and possession.
Arsenal goalkeeper Jens Lehmann needed to be alert after four minutes to clutch Defoe's cross with Pedro Mendes lurking.
Lehmann rescued more slack work by Arsenal's rearguard to deny Defoe again - but he was powerless to stop Spurs taking a deserved lead through Naybet after 36 minutes.
Michael Carrick's free-kick evaded Kolo Toure and Naybet finished with an expert left-foot volley.
And it needed an acrobatic save from Lehmann to stop Spurs doubling their lead seconds later as Vieira deflected a header towards his own goal.
Spurs were buoyant - but were hit by a stunning counter-punch seconds before half-time.
Lauren's pass picked out Henry, who controlled before steering past Paul Robinson from 10 yards.
Arsenal's spirits soared and they pinned Spurs back after the interval.
Jose Antonio Reyes shot tamely at Robinson after King missed Ljungberg's cross.
And a calamitous Spurs opening to the second-half was capped by a farcical build-up to Arsenal taking the lead after 55 minutes.
Robinson and King were involved in a mix-up as the Spurs goalkeeper threw clear, and their agony was complete as Noe Pamorot hauled down Ljungberg.
Lauren scored coolly from the spot, and four minutes later Arsenal pressed home their supremacy.
Vieira robbed Naybet and brushed aside flimsy Spurs defending to beat Robinson with ease.
Spurs looked to be in free-fall, but Defoe provided a moment of inspiration on the hour to hand them a lifeline, bursting through to fire into the top corner from 18 yards.
It offered only brief hope, with Ljungberg restoring Arsenal's two-goal advantage after 69 minutes.
Francesc Fabregas was the creator with a glorious reverse ball that wrong-footed Spurs' shambolic defence, leaving Ljungberg in the clear to finish.
King flicked home Carrick's free-kick to revive Spurs again, but substitute Pires demonstrated brilliant sleight of foot to extend Arsenal's lead once more.
Even then Spurs refused to lie down, substitute Kanoute taking advantage of Henry's mistake to beat Lehmann.
Tottenham: Robinson, Pamarot, Naybet, King, Edman,
Pedro Mendes (Davies 68), Brown (Kanoute 76), Carrick, Ziegler,
Keane (Gardner 90), Defoe.
Subs Not Used: Redknapp, Fulop.
Booked: Naybet, Ziegler, Brown.
Goals: Naybet 37, Defoe 61, King 74, Kanoute 88.
Arsenal: Lehmann, Lauren, Toure, Cygan, Cole, Ljungberg,
Vieira, Fabregas, Reyes (Pires 68), Bergkamp (Van Persie 82),
Subs Not Used: Flamini, Almunia, Hoyte.
Goals: Henry 45, Lauren 55 pen, Vieira 60, Ljungberg 69,
Ref: S Bennett (Kent).