Arsenal took their goal tally to a staggering 55 from just 19 games - with 11 coming in their last three matches - as they moved second in the table on goal difference, two points behind Chelsea.
They were given a helping hand by own goals from Ronald Zubar and Jody Craddock.
But Fabregas, who helped create two of the goals, then helped himself to a classy third on the stroke of half-time before Andrey Arshavin pounced on the hour to help Arsenal extend their unbeaten run to 13 games and take their points tally to 19 from a possible 21.
Craddock grabbed a consolation in the final minute when he headed home a corner from Matt Jarvis - adding to his double at Stoke City in the previous game - but it was little comfort for Wolves.
Ironically, Wolves, who had dropped into the bottom three even before the game kicked-off, started the brighter of the two sides and paid a heavy price for failing to make that pay.
They have now collected just three points from their last six matches and things aren't going to get any easier in the short-term as their next match is at Chelsea.
Wolves' set-piece play dominated the early stages and not taking advantage of that proved to their undoing.
Kevin Doyle saw his seventh minute corner from a Nenad Milijas corner cleared off the line by Kieran Gibbs before Sylvan Ebanks-Blake headed another corner narrowly wide.
When Christophe Berra failed to take advantage of a close-range header from another Milijas delivery, Wolves had run out of chances to strike first.
But they were ultimately the masters of their own undoing due in no small part to goalkeeper Wayne Hennessey.
After Craddock had turned a header from Thomas Vermaelen wide, Fabregas whipped in a 28th minute corner across the face of goal.
Hennessey flapped at the ball with one hand without any effect and could only turn and stare as the ball was deflected into the net off Zubar.
Wolves' luck was out again eight minutes later when Aaron Ramsey led a swift Arsenal counter-attack.
Ramsey picked out Eduardo whose ambitious chip looked to be heading wide before being deflected off the head off Craddock and past the flat-footed Hennessey.
While Wolves felt hard done with the manner of the first two goals, they could have no complaints with the third as they were cut apart by Arsenal.
Bacary Sagna fed the ball into the path of Eduardo whose neat pass to Fabregas was clinically dispatched by the Arsenal skipper - taking his tally for the season to nine.
Arshavin then set the seal on the win seconds after Hennessey had turned his shot away for a corner.
Fabregas sent over a cross that Hennessey punched straight to Arshavin, whose drive from the edge of the area rolled just inside the near post.