It emerged on Friday afternoon that Aubameyang and Lacazette were not available for the game against Brentford because they are unwell – and that means Balogun and Gabriel Martinelli start in attack.
England forward Bukayo Saka, who returned to training last week after being on holiday post-Euro 2020,is on the bench, while there are also Premier League debuts for summer signings Ben White and Sambi Lakonga.
The pair, who signed for Arsenal in the summer, are both fully fit and start the top-flight opener in west London.
Fellow new signing Nuno Tavares is among the subs, with Kieran Tierney starting ahead of him at left-back.
Arsenal manager Mikel Arteta will have to cope without Eddie Nketiah (ankle), Gabriel (knee) and Thomas Partey (ankle).
Arsenal XI: Leno, Chambers, White, Pablo Mari, Tierney, Sambi Lokonga, Xhaka, Pepe, Smith-Rowe, Martinelli, Balogun
Subs: Bellerin, Saka, Maitland-Niles, Holding, Cedric, Tavares, Nelson, Elneny, Hein
Tonight 8.00pm BST, Sky Sports
Venue: Brentford Community Stadium
Arsenal squad from: Leno, Runarsson, Okonkwo; Bellerin, Cedric, Chambers, Holding, Kolasinac, Mari, Tavares, Tierney, White; Elneny, Lokonga, Maitland-Niles, Saka, Smith Rowe, Torreira, Willock, Xhaka; Aubameyang, Balogun, Lacazette, Martinelli, Nelson, Pepe and Willian.
Injured: Gabriel (knee), Nketiah (ankle), Partey (ankle), Aubameyang (ill) and Lacazette (ill)