The Blues were left to rue missed chances against the Arsenal side who played with a man down for more than an hour.
Lampard’s men took the lead from the penalty spot on the 28th minute mark through Jorginho, but the hosts were pegged back by Gabriel Martinelli’s solo strike midway through the second period.
Cesar Azpilicueta restored Chelsea’s lead with a close-range finish before Hector Bellerin got the equalizer three-minutes from time.
Lampard admitted he is frustrated after the West Londoners failed to make the most of their numerical advantage.
"Frustrated because you want to win,” the 41-year-old told BBC MOTD.
“We got a goal, they went down to 10 men and we have to do better to score another goal.”
“Then we didn't defend and gifted them two goals. That's people not doing their jobs which they should know. Moments like that lose you points at this level.”
"We could have had three or four goals today. Having shots, crosses and lots of 'ooh' moments. We have to be clinical.”
“When game day comes you have to have the killer instinct. We've not got that at the moment.”
“We might be a bit young and a bit of transition about us but we have to have that quality. It's nothing on the crowd, that's about us."
