The Gunners went 1-0 up early on in the Premier League opener through Alexandre Lacazette before Shinji Okazaki equalised.
Jamie Vardy put his side ahead on the half hour mark, as groans filled north London.
But Danny Welbeck snatched a goal for the Gunners with the last kick of the half, as the two teams went into the break level.
Neville hit out at the Arsenal defence at half time, labelling it “naive” in the way it stood up to the Foxes’ attacking display.
And picked out new boy Sead Kolasinac for extra criticism, focusing on his positioning for the first Leicester City goal.
“I have to say, their new centre-back, it’s so irresponsible what he does,” says Neville, speaking on Sky Sports.
“He is there at that back post, he drifts forward, I have no idea what he is doing.
“He drifts forward and leaves a massive void for the rest of his team to cover, and they can’t cover it. It’s poor from him.”