The Gunners were a long way from their best at Turf Moor but were awarded a penalty at the death which Alexis Sanchez converted in the 92nd minute.
Arsene Wenger’s men have been accused of lacking a winning mentality this season and Deeney claimed the north London giants lacked ‘cojones’ following Watford’s win last month.
‘Speaking to BT Sport, Deeney said: ‘I’ve heard Wenger’s already blaming [the penalty decision] as the reason why they lost. I’m not going to be the one to tell Mr. Wenger about himself, but there’s a reason why they lost and it wasn’t because of one penalty.
‘I’ll have to watch what I say. It’s [having] a bit of cojones, a bit of nuts.’
Bellerin, who played the full 90 minutes at Turf Moor, hit back at Deeney following Arsenal’s last-gasp victory on Sunday afternoon.
‘Last minute winner?’ Bellerin said to his followers on Twitter.
‘Some would say we have cojo***!!! #COYG’