The game was the first time the "ABBA" format has been used in England, which allows the first team to take a penalty - in this case Chelsea captain Gary Cahill, who scored - before alternating pairs of kicks are taken.
The season curtain-raiser between Premier League champions Chelsea and FA Cup winners Arsenal finished 1-1 after 90 minutes. Both benefited from defensive lapses.
But Pedro got himself sent off for a nasty challenge on Mohamed Elneny 10 minutes before the end of the match.
Club record-signing Lacazette almost opened his account at Wembley when he curled an effort from inside the box following a counter attack but it rattled off the woodwork.
Arsenal celebrated and Chelsea looked on, just as they had done in May when the Gunners beat them in the FA Cup final.
Arsenal started brightly with Lacazette, Danny Welbeck and Alex Iwobi all having early half-chances.
Pedro returns to action after suffering a facial injury during the recent friendly against Arsenal in China. Petr Cech was equal to his shot.
Willian was booked for simulation in the Arsenal box late in the half as the sides cancelled one another out. Moses' cool finish gave Chelsea the lead. Hector Bellerin let Moses run right past him and Rob Holding never saw Moses slide right between them as the ball was headed back across. Laurent Koscielny, despite his availability for Arsenal, does not appear in the squad.
Courtois was on hand again to deny Xhaka's brilliant strike with an equally brilliant save.
Arsenal manager Arsene Wenger had plenty of praise for new signing Sead Kolasinac, as he came off the bench to score the equaliser in the Gunners' Community Shield triumph.