"There is still a huge amount to come from this boy. We have invested a lot of time in Carlos, as we put him in Spain for two years to get some good experience.
"Now he's back with us, we're working hard with him every day and he is a very exciting player.
"We're looking forward to seeing Carlos score many goals in an Arsenal shirt for a long time to come."
Vela is the 11th first-team player to have committed his long-term future to the London club since the end of last season.
Vela, Eduardo, Sanchez Watt, Alex Song, Nicklas Bendtner, Denilson, Robin van Persie, Theo Walcott, Lukasz Fabianski, Aaron Ramsey and Jack Wilshere have all recently signed new long-term extensions with the club.
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