Marseille star Payet limped out of Wednesday's Europa League final defeat by Atletico Madrid and doubts over his fitness for the trip to Russian Federation forced Deschamps' hand.
France will play in Group C along with Australia, Peru and Denmark.
He has a thigh problem that will need at least three weeks to heal, a delay that prompted coach Didier Deschamps to omit the former West Ham player. Both Premier League players were included on an 11-strong standby list for this summer's tournament in Russian Federation despite the Gunners summer signing scoring eight times in his last 10 appearances after returning from injury.
And there is no place for Dimitri Payet, who limped out of Marseille's Europa League final defeat to Atletico Madrid in tears last night.
Deschamps will rely on a strike force of Antoine Griezmann, who scored twice in the Europa League final, Chelsea's Olivier Giroud and Paris St Germain forward Kylian Mbappe.
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Considering his stance on Payet, it is perhaps surprising Deschamps opted to select Benjamin Mendy.
Thomas Lemar-who has scored just three times for Monaco this year-is more of a surprise after his drop-off in form. "He plays in the same fashion as N'golo Kante", Deschamps said.
"I consider Giroud, (Antoine) Griezmann, (Nabil) Fékir and (Kylian) Mbappé as central attackers".
"Like every time, some players will play, others will not play at all".
Real Madrid striker Karim Benzema, who has a strained relationship with Deschamps and also missed Euro 2016, did not make the cut despite being regarded by many as the best French forward of his generation.
Back on defensive line, left-back Benjamin Mendy was called up although he featured in few games for Pep Guardiola's Manchester City.