Lampard returned to the side as captain and insisted nobody had underestimated the competition.
"We're disappointed," said Lampard. "It was certainly a meaningful competition.
"There was a great crowd for the final. The Chelsea fans have followed us well and as a club we wanted to win it.
"It was always going to be a tough game. They're a physical team as well as one with ability.
"Once you give Brazilian teams a goal they're adept at sitting back and counter-attacking. It was difficult to break them down. We didn't play at our best."