The game was played at Cardiff's Millennium Stadium and was a hugely entertaining affair, but Jose Mourinho's side got off to the worst possible start, falling behind after only 12 minutes when Theo Walcott was allowed to ghost into the Blues' penalty area and fire past Petr Cech.
The Gunners' joy was shortlived, however, and only eight minutes later Didier Drogba, so often a thorn in Arsenal's side, latched on to a clever through ball from Michael Ballack to equalise from a tight angle.
It was Arsenal, though, who looked the more likely in the second half, with both Jeremie Aliadiere and Cesc Fabregas going close, before John Terry was carried off unconscious and taken to hospital after receiving a boot in the face from Abou Diaby when seeing a half-chance to head a goal.
The captain's injury appeared to galvanise the Blues, and we began to threaten, with Frank Lampard going closest, hitting the bar with a long-range effort that had Manuel Almunia well beaten.
Typically, it was Drogba who won it for us, expertly getting in front of his man to head home Arjen Robben's cross in the 84th minute.
The game took a nasty turn in the closing minutes when John Mikel Obi and Kolo Toure clashed, sparking a mass brawl which required both Mourinho and Arsene Wenger to enter the field of play in order to calm things down.
Mikel, Toure and Emmanuel Adebayor were all dismissed, and while 12 minutes added time were required following two lengthy breaks in play, we held on to lift the trophy.
The road to the final had been reasonably comfortable, with only one goal conceded en route to Cardiff.
What appeared to be a tricky tie away at Blackburn turned out to be anything but, as goals from Joe Cole and Salomon Kalou inspired us to a 2-0 victory, setting up a home tie with Aston Villa, who were comfortably beaten 4-0.
A tough quarter-final away at Newcastle was our reward, with a solitary Didier Drogba free kick the difference between the two sides.
Wycombe Wanderers stood between us and a place in the final, but what looked like an easy game on paper turned out to be one of our more difficult matches of the competition, in the first leg at least.
Wayne Bridge, operating as a makeshift winger, had given us the lead in the first half at Adams Park, but it was a disjointed performance and the League Two side claimed a famous draw when Jermaine Easter equalised in the 78th minute.
The second leg at Stamford Bridge was a far more comfortable evening, and we ran out 4-0 winners thanks to Frank Lampard and Andriy Shevchenko, who both netted braces to secure our place in the final.