Ozil, playing for the first time since he controversially quit the German national team claiming racism, took the captain's armband and duly netted the opener as the Premier League club ran riot.
Veteran Italian goalkeeper Gianluigi Buffon started the game for Ligue 1 champions PSG after joining in the summer from Serie A winners Juventus, and the 40-year-old reacted sharply to deny Alex Iwobi and Aubameyang.
Arsenal's Mesut Ozil (R) celebrates with teammate Pierre-Emerick Aubameyang after scoring during the International Champions Cup football match between Arsenal and Paris Saint-Germain in Singapore on July 28, 2018.
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Buffon was again alert just before the break, saving from Mkhitaryan, who probably should have done better.
Lacazette made it 2-1 seven minutes later after being teed up by Emile Smith Rowe and then a combination of Arsenal's greater depth on the day, some mistakes from a youthful PSG and heavy changes on both sides enabled the Gunners to go on and win the match convincingly.
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The Gunners grabbed a first-half lead through captain Mesut Ozil but PSG drew level on the hour mark via the penalty spot.
Timothy Weah was the inspiration, winning a penalty from Sead Kolasinac, and Christopher Nkunku converted in the 60th minute.
Substitute defender Holding added the fourth with a towering header on 87 minutes, before Nketiah swept home Arsenal's fifth with the last kick of the game.
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"I never said Aubameyang's arrival was bad for me, only people in the press said it was bad", said Lacazette, who scored twice in Arsenal's win against Paris Saint-Germain on Saturday.