The duo played together for Inter Milan between 2007 and 2009.
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Ibrahimovic, 42, left for Barcelona in 2009, with Balotelli staying a further year before joining Manchester City.
Super Mario won league titles in Italy and England, also claiming Champions League glory in 2010.
While Ibrahimovic won numerous titles in Italy, France, Spain and the Netherlands, he never got his hands on the biggest European crown.
Discussing his former team-mate, Ibrahimovic told Gazzetta dello Sport: “Balotelli? He had so many opportunities to take advantage of his talent and change his future. He never did, that’s the truth.
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“There are so many who want to have only one chance, he has missed all the opportunities he has had.”
Balotelli, who recently rejoined Turkish side Adana Demirspor after being relegated with Swiss outfit Sion, fired back a cheeky response on Instagram.
The 33-year-old posted a picture of himself hoisting the Champions League trophy, famously never won by Ibrahimovic.
He then rubbed it in by tagging the Swede and adding three heart emojis.
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Fans loved Balotelli’s response, with one writing: “What a come back!!”
While a second joked: “Zlatan is getting owned by everyone.”
A third even claimed: “Ibra should hold that. He’s not who he thinks he is.”
Another added: “That’s how you respond. Balotelli is the OG of comebacks.”
Ibrahimovic had another dig at Balotelli, when the Italian was compared with current AC Milan star Rafael Leao.
He added: “No no, you can’t even compare. If he scores, he’s a genius. Only geniuses understand what they need to do there.
“That’s why he’s there and Balotelli is in the stands.”