The 24-year-old is currently number two behind Manuel Almunia at the Emirates Stadium.
“It’s a big motivation for me to keep working hard and it shows that the club believe in me,” said Fabianski.
“I’ll be doing everything I can to repay that belief by helping Arsenal to win trophies in the coming years.”
Arsenal boss Arsene Wenger said: “I rate Lukasz highly and I am very pleased that he has committed his future to the club.
“I believe he is a top competitor, he’s intelligent and reads the game very well and has all the ingredients to be successful in his position.”