The England international took to the social networking site to criticise the FA's report on the John Terry racism trial.
Terry was handed a four-match ban for racially abusing Queens Park Rangers Anton Ferdinand, despite being found not guilty by Westminster magistrates court on a similar charge, where Cole appeared as a character witness.
The FA report claimed that Cole had changed his statement to include the word "black", which would therefore bolster Terry's defence.
However, Cole took exception to these claims, tweeting: "Hahahahaa, well done #fa I lied did I, #BUNCHOFTWATS."
Chelsea have responded with a tweet of their own, which quoted Roberto Di Matteo revealing that Cole's comments broke their social media policy.
The tweet said: "RDM: 'We have a social media policy and there will be disciplinary action against Ashley Cole for his tweet yesterday'."
Cole played for Chelsea in their 4-1 victory over Norwich City this afternoon.