"If we're going to apply an equal standard of justice and not selective prosecution based on politics, Andrew McCabe ought to be criminally prosecuted," Jarrett said.
According to a New York Times report Monday, McCabe's legal team met with Justice Department officials last week.
Benjamin Wittes, the editor-in-chief of Lawfare and someone former FBI director James Comey describes as a "good friend," wrote a blog Tuesday that speculated that McCabe is likely to be charged.
"Such meetings generally take place when indictment is imminent; they happen when the government plans to bring charges," Wittes wrote.
McCabe is accused of lying to federal agents.
Jarrett took McCabe to task for his role in the Russia investigation and with Michael Flynn.
"McCabe was instrumental in that because he was essentially... lying and deceiving and trying to entrap Michael Flynn to pursue the Russia hoax against Donald Trump," Jarrett said.
The legal analyst called the career trajectory in the FBI for both McCabe and Comey "frightening."
"These two guys or the symbol of malevolence and corruption. It should be frightening to all Americans that Comey and McCabe rose through the ranks," Jarrett said.