Ozil is seen falling semi-conscious as he inhales from the balloon, while the same can be said for Lacazette, who is videoed putting his head back on the sofa.
Possession of the drug is not illegal in the United Kingdom, but its sale and production is restricted.
A number of Gunners stars were in attendance at the "champagne and vodka party" in a VIP area of a West End Nightclub in August prior to the Premier League season getting underway.
Arsenal to talk to players seen apparently inhaling nitrous oxide
"The players will be spoken to about this and reminded of their responsibilities as representatives of the club", read a statement on Arsenal's official website.
The Sun quoted a source as saying that the players had been "off their heads on the gas" and that Ozil, 30, a World Cup victor with Germany in 2014, had "looked out of it at one point".
Several players even appeared to lose consciousness after inhaling the gas.
Arsenal's Rob Holding out for up to nine months
The defensive error and poor attacking display against Arsenal was a further proof on why United isn't in the top 6 of the table. They are 18 points behind leaders Manchester City, while only being 14 points above the relegation zone.
Arsenal saw a change in management during the summer when Arsene Wenger departed after 22 years in charge, being replaced by Unai Emery.
Around 70 girls were invited to join the Arsenal stars in London's Tape club, as the party racked up a bill of nearly £30,000.
James Comey appears before House Judiciary Committee in closed session
" Robert Mueller and Leakin' Lyin' James Comey are Best Friends, just one of many Mueller Conflicts of Interest", Trump tweeted . So far, it doesn't seem like they're getting very far, and according Issa, Comey isn't too broken up about it.
The Gunners are unbeaten in 20 matches in all competitions and take on Huddersfield in the Premier League on Saturday.
Deputy died from friendly fire in California bar gun battle
Helus, but we needed confirmation from ballistics, and it wasn't certain that it was friendly fire", Young said. The CHP officer was not identified, but is a nine-year veteran of the force who is on leave.