New Delhi, Oct. 28 -- Arsenal suffered a shock exit from the Carabao Cup after losing 5-3 on penalties to fourth-tier Fleetwood Town following a 1-1 draw in regulation time in their fourth-round encounter at Highbury Stadium in Fleetwood on Tuesday.

In one of the biggest upsets in the competition's history, Mikel Arteta's side failed to overcome a team placed 84 positions below them in the English football league pyramid.

The defeat ended Arsenal's hopes of lifting the League Cup this season, while Fleetwood secured a place in the quarterfinals for the first time in their history.

Fleetwood, who are 18th in League Two, took the lead in the 21st minute through Aaron Loupalo-Bi. The 20-year-old forward, on loan from Fulham, capitalized o...