Indium(III)/silver(I)-catalyzed [2 + 2 + 1] annulation of arylhydrazine hydrochlorides with β-enamino esters via multicomponent reactions for the construction of diverse and multisubstituted N-arylpyrazoles has been demonstrated. The oxidative cycloaddition proceeds via a cascade triple Michael addition/elimination/air oxidation. This novel protocol provides a rapid and efficient synthetic route to various 3,4-diester-substituted N-arylpyrazoles. The synthesized compounds are further utilized for various synthetic transformations.