The Oscar winner told Fox News that the show was targeted in a "collaboration" between the animal rights group and the celebrity gossip site.
[Dustin Hoffman with wife Lisa Gottsegen]
"It's interesting, sites like TMZ, they're mistaken for news," he said. "The accusations they made were distorted."
Hoffman added: "I think [PETA] were looking to get contributions. Somebody ought to do a movie about them."
Luck was cancelled after two months on air following the deaths of three horses on set.
"Anyone who raises horses know they break their legs," Hoffman argued.
In a statement given to Entertainment Weekly, PETA accused the actor of having "a really cold streak running through his heart".
"He isn't hesitant to disrespect whistleblowers and animals to advance his agenda," said the organisation. "PETA wrote to him on two separate occasions urging him to use his position to help improve welfare conditions for the horses on the set of Luck, after we were contacted by a dozen whistleblowers who were part of his production.
"Had he taken PETA's warnings seriously instead of ignoring them, the life of the third horse could have been spared, the show might still be on the air, and his crew might still have their jobs."
> HBO accused of covering up poor treatment of horses on Luck set
Watch a trailer for Luck below: