BLUNDER keepers Lukasz Fabianski and Vito Mannone left group winners Arsenal slipping in Greece.
Fabianski was carried off soon after his poor positioning helped Rafik Djebbour to Olympiakos' deserved opener.
Then replacement Mannone fly-kicked hopelessly to gift David Fuster the hosts' 36th minute second goal.
Yossi Benayoun thumped the youthful Gunners back into it with his first Champions League goal since his loan arrival from Chelsea.
But Francois Modesto tapped Olympiakos' 89th minute clincher.
Yet the Greeks - whose pressure play pushed Arsenal back most of the night - still suffered last-gasp anguish.
Marseille's incredible 3-2 comeback win at Borussia Dortmund meant the French side pipped the Greeks by a point to Group F second place and qualification to the last 16.
The main boost for Gunners boss Arsene Wenger was Alex Oxlade-Chamberlain's lively wing-play.
But Wenger will be worried by his fringe team's poor defending - and frustrated by Andrey Arshavin's anonymous recall in midfield.
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