Earlier this week, a report claimed that Iwobi attended a party less than 48 hours before starting in the club's FA Cup tie at Nottingham Forest, a game which ended in a 4-2 defeat.
Wenger has described the alleged behaviour as "unacceptable" but after the Nigerian international was still selected to face the Blues in the EFL Cup semi-finals, Wright has suggested that Wenger has lost control at the Emirates Stadium.
The 54-year-old told Sky Sports News: "For a youngster to do that says to me that there is something wrong in the dressing room. You can't have a youngster feeling like he can do that and still play. Arsene Wenger should have had a stronger stance on this one.
"People laugh at Arsenal and see them as a bit of a joke at the moment. Players don't want to be there, and it feels like everything is losing control at Arsenal."
Iwobi featured for the full 90 minutes at Stamford Bridge as the two London rivals played out a goalless draw.