The Spain international, who was sent off in Wednesday's encounter, feels the referee made the wrong decision in awarding the current holders City a spot kick
The full-back was handed his second yellow card of the evening in the 72nd minute after allegedly fouling Sergio Aguero inside the area, but Arbeloa feels the referee was wrong to blow his whistle.
"I fell over and when the other player [Aguero] saw that he could not reach the ball, he dropped to the ground," Arbeloa was quoted as saying on the official Madrid website.
"I'm annoyed by that. It is normal to get angry when you have a penalty given against you that wasn’t one, plus the sending off and they equalised.
"That is why I am not leaving very happy. I didn’t say anything to the referee, though.
"Some days the referees favour you and others they do not. It was the whole match one [decision] after another but we must accept it."
Arbeloa will miss Madrid's last group-stage game against Ajax due to suspension.