Second-placed Lyon went into yesterday's game ahead of Monaco in the Ligue 1 table on goal difference, and they pulled clear quickly with goals from Rachid Ghezzal and Lacazette inside the first eight minutes.
Mapou Yanga-Mbiwa headed in a third after visiting striker Lacina Traore was sent off, and Lacazette dinked in before Ricardo Carvalho pulled one back before half-time.
Centre-back Yanga-Mbiwa piled yet more misery onto Monaco just before the hour mark before Lacazette completed a hat-trick.
The principality side though will be looking nervously over their shoulders as they look to hang onto the third and final spot in Europe's premier competition, after Nice beat the nine men of Saint-Etienne 2-0 to close the gap on the top three to just two points ahead of the final day of the season next Saturday.
Since ending PSG's record unbeaten run in February, Lyon have not lost themselves, with Saturday's victory their eighth in 10 outings.
Sergi Darder teed up Lacazette to drill into the corner and continue a dream start for Bruno Genesio's hosts.
Things went from bad to worse for Monaco midway through the first half, as Ivorian Traore picked up two yellow cards in just a couple of minutes.
Lacazette completed a brace with an audacious finish from Christophe Jallet's pass, scooping the ball past bewildered Serbian keeper Subasic.
Home goalkeeper Anthony Lopes threw away his clean sheet before half-time when he punched a cross straight onto the head of Carvalho, but by then the game was already over as a contest.
Lacazette bundled his way past Subasic and tapped in to grab his second treble of the season and round off a resounding result with 10 minutes to play.
- Germain brace boosts Nice -
=============================
Saint-Etienne's Champions League hopes are now over after Kevin Malcuit and Franck Tabanou were both sent off at Nice.
Claude Puel's men left it late, but finally made the most of their two-man advantage thanks to Valere Germain goals in the 86th and 89th minutes.
Elsewhere yesterday, PSG set a new Ligue 1 points record of 92 by cruising past struggling Gazelec Ajaccio 4-0 in Corsica.
Edinson Cavani scored a hat-trick before Zlatan Ibrahimovic's injury-time strike, as Gazelec slipped into the relegation zone.
Toulouse clambered out of the bottom three at their expense after a tense 1-0 victory over already-relegated Troyes.
Argentinian Oscar Trejo was the star for Pascal Dupraz's men, scoring the only goal in the second half just seconds after coming off the bench.
Two of Gazelec, Toulouse and Reims will go down next week, after the latter were beaten 1-0 at Marseille.
Lille were held to a 0-0 draw by Guingamp as they missed the chance to leapfrog Saint-Etienne into fifth.
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