The Australian native and the late night emcee took a hilarious trip down memory lane as they started the segment by pretending to be exes who had just run into each other, and the insults were flying.
"You don't look that great," the Academy Award-winner informed the comedian during the "emotional interview," before inquiring, "Have you had work done?" To which Fallon responded, "Not as much as you."
After the pair got bored of flinging jibes at each other, things got heated as they reflected on the many things they didn't have in common.
"Oh no, I'm an actress. I don't eat," the 47-year-old deadpanned when Fallon queried if she liked to eat at restaurants, before staring blankly at him when he asked her if she instead preferred to "Netflix and Chill."
The host couldn't resist giving the star the bad advice to "start Botox on one side of the face, and if you like it, do it on the other side" (along with a perm, of course), while Blanchett informed Fallon that he should take out all of his savings to burn.
Watch the entire segment above to see the pair try out their hand at the most ridiculous laughs, use too many metaphors, and more!