Matt Doherty has been involved in 15 Wolves goals this season in all competitions - eight goals and seven assists
Arsenal missed the chance to go fourth in the Premier League as they were outplayed by Wolves at Molineux.
Ruben Neves put the hosts ahead with a direct free-kick from 25 yards before Matt Doherty headed in a second.
Diogo Jota added a third just before half time after the Gunners gave the ball away and he ran at the away defence before firing a shot under goalkeeper Bernd Leno.
Arsenal defender Sokratis headed in from Granit Xhaka's corner in the 80th minute but it was not enough for the Gunners.
The victory takes Wolves up from 10th to seventh, while Arsenal remain fifth, one point adrift of fourth-placed Chelsea and four behind north London rivals Tottenham.
With three games left of the season, Wolves are in contention to qualify for Europe.
If Manchester City beat Watford in the FA Cup final the team finishing seventh in the Premier League will take the last available European spot and enter next season's Europa League at the second qualifying round phase.
- Reaction and analysis from Wednesday's Premier League matches.
Wolves impress again against a top-six side
Wolves' win continues a remarkable campaign for Nuno Espirito Santo's side in their first season since winning promotion from the Championship.
The hosts went into the match without a win in three games in all competitions but were on top even when the game was goalless as Joao Moutinho curled wide from 25 yards and Raul Jimenez just failed to connect with Jonny's through ball.
Neves then gave Wolves a deserved lead in the 28th minute with a fine free-kick after Nacho Monreal had clumsily bundled over Jonny in a central position.
A well-worked move from a short corner - albeit with Arsenal's defenders not applying pressure - left Jonny with space to cross and Doherty got to the ball before Leno to head into the net and double his side's lead.
Another Arsenal error led to Wolves' third as the ball was given away to Jota, who drove forward and shot under Leno, who should have done better.
This win means Wolves have picked up 16 points in their matches against the current top six this season, a record that includes wins over Tottenham, Chelsea, Manchester United and now Arsenal.
Wolves are also aiming to become the first newly-promoted side to finish in the top eight since Reading finished eighth in 2005-06, while no newly promoted team has finished higher than that since Ipswich Town were fifth in 2000-01.
Teams to finish in the top eight in the Premier League in their first seasons after winning promotion
Season Team Position
1992-93 Blackburn Rovers 4th
1993-94 Newcastle United 3rd
1994-95 Nottingham Forest 3rd
1999-00 Sunderland 7th
2000-01 Ipswich Town 5th
2006-07 Reading 8th
More to follow.
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Line-ups
Match Stats
Live Text
Line-ups
Wolves
11Rui PatrÃcio
5BennettBooked at 84mins
16Coady
15Boly
2DohertyBooked at 17mins
32Dendoncker
8Neves
28João MoutinhoSubstituted forGibbs-Whiteat 90'minutes
19Castro Otto
9JiménezSubstituted forTraoréat 82'minutes
18JotaSubstituted forCavaleiroat 78'minutes
Substitutes
7Cavaleiro
10Hélder Costa
17Gibbs-White
21Ruddy
27Saïss
29Vinagre
37Traoré
Arsenal
19Leno
15Maitland-Niles
5Papastathopoulos
6Koscielny
18MonrealBooked at 27mins
11TorreiraBooked at 45minsSubstituted forGuendouziat 59'minutes
34XhakaBooked at 31mins
7MkhitaryanSubstituted forKolasinacat 58'minutes
10Özil
17IwobiSubstituted forNketiahat 71'minutes
9Lacazette
Substitutes
1Cech
4Elneny
20Mustafi
29Guendouzi
31Kolasinac
49Nketiah
59Willock
Referee:
Stuart Attwell
Attendance:
31,436
Match Stats
Home TeamWolvesAway TeamArsenal
Possession
Home29%
Away71%
Shots
Home11
Away11
Shots on Target
Home3
Away1
Corners
Home5
Away5
Fouls
Home12
Away9
Live Text
Posted at
Match ends, Wolverhampton Wanderers 3, Arsenal 1.
Full TimePosted at 90'+5'
Second Half ends, Wolverhampton Wanderers 3, Arsenal 1.
Posted at 90'+4'
Corner, Wolverhampton Wanderers. Conceded by Granit Xhaka.
Posted at 90'+4'
Foul by Sead Kolasinac (Arsenal).
Posted at 90'+4'
Adama Traoré (Wolverhampton Wanderers) wins a free kick on the right wing.
Posted at 90'+3'
Offside, Arsenal. Granit Xhaka tries a through ball, but Eddie Nketiah is caught offside.
Posted at 90'+2'
Attempt blocked. Eddie Nketiah (Arsenal) left footed shot from the right side of the box is blocked. Assisted by Alexandre Lacazette.
Posted at 90'+1'
Ainsley Maitland-Niles (Arsenal) wins a free kick on the right wing.
Posted at 90'+1'
Foul by Willy Boly (Wolverhampton Wanderers).
SubstitutionPosted at 90'
Substitution, Wolverhampton Wanderers. Morgan Gibbs-White replaces João Moutinho.
Posted at 87'
Foul by Granit Xhaka (Arsenal).
Posted at 87'
Jonny (Wolverhampton Wanderers) wins a free kick on the left wing.
Posted at 84'
Corner, Arsenal. Conceded by Willy Boly.
BookingPosted at 84'
Ryan Bennett (Wolverhampton Wanderers) is shown the yellow card for a bad foul.
Posted at 84'
Eddie Nketiah (Arsenal) wins a free kick on the right wing.
Posted at 84'
Foul by Ryan Bennett (Wolverhampton Wanderers).
Posted at 83'
Corner, Arsenal. Conceded by Rúben Neves.
SubstitutionPosted at 82'
Substitution, Wolverhampton Wanderers. Adama Traoré replaces Raúl Jiménez.
Goal!Posted at 80'
Goal! Wolverhampton Wanderers 3, Arsenal 1. Sokratis (Arsenal) header from very close range to the centre of the goal. Assisted by Granit Xhaka with a cross following a corner.
Posted at 79'
Corner, Arsenal. Conceded by Willy Boly.
SubstitutionPosted at 78'
Substitution, Wolverhampton Wanderers. Ivan Cavaleiro replaces Diogo Jota.
Posted at 77'
Alexandre Lacazette (Arsenal) wins a free kick on the left wing.
Posted at 77'
Foul by Conor Coady (Wolverhampton Wanderers).
Posted at 76'
Offside, Wolverhampton Wanderers. Rúben Neves tries a through ball, but Raúl Jiménez is caught offside.
Posted at 74'
Corner, Wolverhampton Wanderers. Conceded by Ainsley Maitland-Niles.
Posted at 73'
Attempt blocked. Alexandre Lacazette (Arsenal) right footed shot from the centre of the box is blocked. Assisted by Eddie Nketiah.
SubstitutionPosted at 71'
Substitution, Arsenal. Eddie Nketiah replaces Alex Iwobi.
Posted at 68'
Attempt missed. Raúl Jiménez (Wolverhampton Wanderers) right footed shot from the right side of the box misses to the left. Assisted by Jonny.
Posted at 62'
Laurent Koscielny (Arsenal) wins a free kick in the defensive half.
Posted at 62'
Foul by Diogo Jota (Wolverhampton Wanderers).
Posted at 60'
Alexandre Lacazette (Arsenal) wins a free kick in the defensive half.
Posted at 60'
Foul by Raúl Jiménez (Wolverhampton Wanderers).
Posted at 60'
Attempt blocked. Raúl Jiménez (Wolverhampton Wanderers) left footed shot from the centre of the box is blocked. Assisted by João Moutinho with a cross.
Posted at 59'
Corner, Wolverhampton Wanderers. Conceded by Sokratis.
SubstitutionPosted at 59'
Substitution, Arsenal. Matteo Guendouzi replaces Lucas Torreira.
SubstitutionPosted at 58'
Substitution, Arsenal. Sead Kolasinac replaces Henrikh Mkhitaryan.
Posted at 58'
Foul by Sokratis (Arsenal).
Posted at 58'
Diogo Jota (Wolverhampton Wanderers) wins a free kick in the attacking half.
Posted at 52'
Lucas Torreira (Arsenal) wins a free kick in the attacking half.
Posted at 52'
Foul by Rúben Neves (Wolverhampton Wanderers).
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goal
Source: bbc.com