Sevilla made the brighter start to the game and had the first big chance after a quarter of an hour when Ever Banega played a defence splitting pass to find the feet of Wissam Ben Yedder on the edge of the box. The Frenchman was able to turn and get a low shot away that beat Cech but flew off the inside of the post.
The Gunners grew into the game with Alex Oxlade-Chamberlain creating the first major chance for Arsene Wenger's side. Playing left wing-back, he easily beat Gabriel Mercado with his pace and sent in a searching cross with his left foot that found Bellerin at the far post. The Spaniard, however, could not get over his shot and ballooned his effort over the crossbar.
Sevilla took the lead early in the second half through Correa. Clever movement from the Spanish side left the Arsenal defence flat-footed as the Argetine ran onto a through ball from Ben Yedder and finished smartly past Cech at his near post.
With the trophy on the line, Arsenal started to up the intensity and soon found a response. Oxlade-Chamberlain burst down the right and drilled a low cross into the box towards Welbeck. The English striker scuffed his shot but the ball perfectly fell to record-signing Lacazette at the far post who made no mistake and put the ball in the net.
Sevilla, however, responded immediately, hitting back through N'Zonzi. The ball rolled to the midfielder on the edge of the Arsenal box and the Frenchman perfectly bent his strike over Cech and into the top corner.
Arsenal threw everything forward in the final ten minutes but did not create anything as Sevilla comfortably saw out the game.
Arsenal lifted the trophy on the goals scored points system. The Gunners will be disappointed with the result but will now begin their preparations for the FA Community Shield match against Chelsea in a week's time.