The 20-year-old then turned provider when his cross-field long pass was volleyed home by Mika Biereth for 2-0.
Charlie Patino, who has recently been training with the first-team, played a delightful pass for Balogun to score his second of the game.
The game had a chance to turnaround when Omar Rekik was sent off for denying a goalscoring opportunity as he brought down a Chelsea attacker on the edge of the box.
But the Blues failed to take advantage as Arsenal went 4-0 just before half-time when Ryan Alebiosu set up Biereth for his second goal.
Hall then grabbed a consolation goal in what was an embarrassing night for Chelsea.
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