Liverpool let a two goal lead slip as they allowed Arsenal to come from behind in a 2-2 draw at the Emirates on Wednesday.
Suarez opened the scoring with what was his 17th Premier League goal of the season, becoming only the 10th Reds player to reach the milestone.
Liverpool looked to be safe when Jordan Henderson reacted first after his initial shot was saved.
However, within moments of that goal the complexion of the game changed as Olivier Giroud scored the home side’s first and Theo Walcott grabbed an equaliser.
With Liverpool aware that a win against the Gunners would take them level with the day’s rivals they grabbed an early advantage.
Suarez profited from some dismal defending in the box to sweep the ball home after Daniel Sturridge’s shot was saved.
Arsenal almost hit back immediately as Jack Wilshere splits the defence with a pass that Walcott ran onto but the England international could not beat Pepe Reina.
Giroud was the next to have a chance on goal but he was only able to stab wide Lukas Podolski’s cut-back.
Walcott then had a shot tipped over the bar by Reina before Podolski cleared Daniel Agger’s header off the line.
With time running out in the half Arsenal goalkeeper Wojciech Szczesny made a rash decision to charge out of his box and Henderson’s chipped shot was inches away from dropping into the unguarded net.
The Gunners looked the more threatening side in the second half with Walcott going close with a header but it was Liverpool who got the next goal.
Again, awful defending let the home side down as Henderson was allowed time to follow up his own shot after bursting into the area on the hour mark.
Four minutes later Giroud pulled one back for Arsenal with a header before Walcott stunned Liverpool with an excellent driven strike that flew into the corner of the net.
Arsenal smelled blood and Walcott began to terrorise the Reds backline with Per Mertesacker also going close with a header.
It was all Arsenal as the clock ran down but they did have a late scare with Suarez’s shot needing to be tipped over in the dying moments.