The singer/actress, 44, dated the rapper in 1999 and was engaged to the actor in 2002.
During an interview with Los Angeles' Power 106 radio station, host Big Boy asked: "You're on a raft in the middle of the ocean. You look in the ocean, you see two people floating. You can only pull up one, because that's how much room you have on the raft. You look in the ocean, you see Ben Affleck and you see Diddy."
Lopez cracked up and answered: "I'd let both those motherf***ers drown!"
She then clarified her remarks, adding: "That's terrible! I'm just joking! Ben, Puffy, you know I love you. You know that. They know it."
Lopez is currently in a relationship with dancer/choreographer Casper Smart. She has six-year-old twins with ex-husband Marc Anthony and is still occasionally in contact with Affleck.
Affleck previously said of Lopez: "We don't have the kind of relationship where she relies on me for advice but we do have the kind of relationship where there'll be an e-mail saying, 'Oh, your movie looks great.'"
Affleck is married to actress Jennifer Garner and has three children. Combs is reportedly engaged to Cassie and has five children from previous relationships.
Lopez stars in the upcoming animated film "Home" about a group of aliens that hide out on Earth. It hits theaters in November.