During a night when Mikel Arteta handed four young academy products their first starts, Nwaneri shone as the standout player in a youthful home team. The 17-year-old starlet scored two crucial goals on either side of half-time to create a comfortable lead for his side against their League One opponents.
After Declan Rice had given the Gunners the lead from Scott Arfield's mistake on the edge of the box, Nwaneri turned home a cross from Sterling just before half-time.
After the break, Rice pinched Chris Forino's pocket deep in the Bolton half and Nwaneri picked up the ball to finish coolly past goalkeeper Luke Southwood.
Bolton, who saw Arfield miss a good early chance to put one up, did not test 16-year-old Arsenal goalkeeper Jack Porter - standing in for injured duo David Raya and Tommy Setford plus the cup-tied Neto - for 53 minutes. By that point, they were 3-0 down.
TrendingThat effort did see them pull one back as striker Aaron Collins burst clear of the Gunners defence on the counter, rounded the teenage shot-stopper and tap into an empty net.
Porter nearly gifted Collins another as his pass out the back fell straight to the Bolton forward, but went unpunished by a wayward finish. And Bolton were made to pay for that error as Bukayo Saka's shot was turned home by Sterling a yard out to restore the three-goal cushion.
Kai Havertz came off the bench to round off he scoring with a fifth Gunners goal to put the finishing touches on a fine home victory.
Arsenal manager Mikel Arteta on Jack Porter, who became the youngest goalkeeper in Arsenal's history:
"We told him yesterday and I think straight away he spoke to his family. They weren't prepared for that, it's a big step, it's a big occasion for them. I think they were nervous about it but he reacted really well. He was really composed in training and today as well. His team-mates really helped him as well on that. One experience, and what a way to break a record.
On Ethan Nwaneri...
"The second [goal], I was happy for him because he scored, and I know [what] the reaction of his team-mates [would be] if he didn't!
"Overall again, he was really good - a really strong performance for him. He really feels part of us. You can tell that he plays with a confidence and belief that he knows what to do on the pitch.
"It's another step. He's ahead of what anyone could expect. Since he joined in with the first-team, he's always ahead of what we expected, of what I expected. He deserves that, he is part of us and he will have the minutes."
On Raheem Sterling:
"He's getting better and better. Physically you can tell he is making steps. When the game is opening up a bit, you know what he can do and what he can deliver. He was involved in a few goals, so a very positive night for him."
Bolton manager Ivan Evatt:
"Parts of it I liked, parts of it I didn't. We spoke to the players over the last few days about making Arsenal earn the goals, but two or three of them are self-inflicted which is disappointing.
"We should have had a penalty, whether that would have made a difference, I don't know, but what's right is right. Arsenal had two big moments in the first half and scored two.
"Arsenal are a really difficult team to create against and score against, I thought we had moments which was pleasing.
"We had one or two more, particularly in the first half as well. But it was a good experience largely, we earned the right to be here. Financially, it's fantastic for the club and it's time to focus on the league campaign."