The Premier League stars were pictured passing out after taking nitrous oxide from balloons at a £30,000 champagne and vodka party.
A Gunners spokesman said: "The players will be spoken to about this and reminded of their responsibilities as representatives of the club."
The shocking footage obtained by The Sun shows Gooners Alexandre Lacazette, Matteo Guendouzi, Mesut Ozil and Pierre-Emerick Aubameyang at the heart of the dangerous binge on the substance.
The boozy bash enjoyed by about a dozen players, and 70 girls, took place in London in August — just days before the start of the Premier League season, which began with defeats to Manchester City and Chelsea.
German World Cup star Ozil, 30, is seen with his eyes rolling as he falls semi-conscious with a gas-filled balloon in his mouth.
French forward Lacazette, 27, looks oblivious to his surroundings as he inhales deeply from a balloon while lolling back on a plush sofa.
Gabon striker Aubameyang, 29 — the Premier League’s current top goalscorer — and Bosnian defender Sead Kolasinac, 25, also appear with balloons in their mouths.
And French whizkid Matteo Guendouzi, 19, appears to lose consciousness after being egged on to join the binge on nitrous oxide gas — which can cause coordination problems, heart attacks and even death.
The poodle-haired midfielder slumps to one side on a sofa surrounded by laughing team-mates clutching balloons and gas canisters.
Armenian midfielder Henrikh Mkhitaryan, 29, and German defen-der Shkodran Mustafi, 26, also appear in the footage but neither of them are seen using the balloons.
Seventy girls were specially invited to join the stars the private bash in the exclusive Tape club in London’s West End — where the stars ran up a bill of between £25,000 and £30,000.
The drinks included £2,500 Hennessy VS Scotch, £2,000 Dom Perignon Champagne and a magnum of £2,000 Ciroc Vodka.
The images will horrify Arsenal fans and enrage no-nonsense Spanish team coach Unai Emery, who has presided over a return to form after a slow start to the season.
A source who was at the party told how she was shocked by what she saw.
She said last night: “Boxes of ‘hippy crack’ canisters were brought in and the players were blowing up balloons and inhaling.
“They were off their heads on the gas — some of them appeared to pass out. It got pretty wild.
“Ozil looked out of it at one point. He took a big draw on a balloon then seemed to lose consciousness and slide down in his seat.
“The young player with the curly hair was also encouraged to have a go and the effect was even worse.
“He inhaled the gas then passed out completely and slumped to one side on a sofa.
“It was incredible to see so-called athletes and role models taking risks with a dangerous substance.
“If their fans — and their coach — could have seen what was going on they’d have been horrified.
“It got more raucous as the drink flowed. Several left with girls in black Mercedes people carriers as it wound up at around 4am.”
Arsenal suffered a 2-0 defeat at home to Premier League champions Manchester City the following weekend and then suffered a 3-2 loss away at Chelsea on August 18.
The Gunners team have since rallied and are nowly fifth in the table after a 20-game unbeaten run.
Tape, in Hanover Square, was off-limits to the public when the players staged the bonding bash.
The millionaire stars were ushered to the plush “Members’ Room” in the basement and settled down in the VIP area at around 11pm.
A reveller said: “Everyone but the players were required to hand in their mobile phones as they arrived.
“The Arsenal lads obviously didn’t want any pictures taken of what they were getting up to.”
'RISK IS SO GREAT'
The risks are greatest when inhaled from a plastic bag, when it’s combined with alcohol and when others egg the user on.
Along with the rush of euphoria, the gas causes dizziness and hallucinations.
Afterwards there’s often headaches or intense tiredness. A large dose of nitrous oxide starves the body and brain of oxygen — which is why it can cause death or put the taker in a coma.
Regular users suffer pain, numbness and coordination issues that stay long-term.
I can’t imagine any serious athlete putting his life or career at risk like this once they know the danger.
Disturbing footage shows older players clearly encouraging Guendouzi to try a gas-filled balloon.
Aubameyang — wearing a trendy Fedora hat — tries a balloon and sparks laughter as he lolls forward in his seat as the gas starts to take effect.
Ozil — the club’s highest paid player on £350,000-a-week — sucks on a balloon after appearing to offer one to Mkhitaryan.
But Mkhitaryan raises his hand to decline the offer and is seen sucking a lolly from a sweet bowl.
The Sun’s revelations look certain to spark retribution from team boss Emery — a disciplinarian renowned for his meticulous approach.
At the start of the season, Emery confirmed he had banned fruit juice from the club’s London Colney training base because it contains too much sugar.
A club source said last night: “If Emery was unhappy with his players drinking fruit juice, God knows how he’ll feel about them bingeing on hippy crack and vodka.
"It happened a while back and they’re on a good run but he surely can’t ignore this sort of behaviour — particularly from senior members of the squad.”
Nitrous Oxide gas is legitimately used for pain relief in dental procedures but abused by party revellers craving the light-headed euphoria it induces when inhaled.
Abusing nitrous oxide can lead to oxygen deprivation and has been linked to at least 17 fatalities.
It is not illegal to possess the gas, but its sale is prohibited in England and Wales to under-18s if there is a risk they will inhale it.
Drugs advice site Frank warns: “Supply and production can get you up to seven years in prison, an unlimited fine or both.”
The Arsenal stars are the latest Premier League idols to be caught inhaling the gas on nights out.
England winger Raheem Sterling was spotted twice before his £57million move from Liverpool to Manchester City in 2015.
Aston Villa’s Jack Grealish outraged guests at a Birmingham hotel with an early-hours party in which nitrous oxide was inhaled in 2016.
And in 2013, England defender Kyle Walker issued an apology after he was pictured inhaling the gas on a night out in Sheffield.
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