Atmospheric carbon dioxide (CO2) levels rose by ~90 ppmv during the last deglaciation, but the source of this carbon remains unknown. One popular hypothesis suggests carbon accumulated in the deep Southern Ocean, becoming increasingly radiocarbon (14C) depleted during the last glacial period, and was released into Antarctic Intermediate Water (AAIW) and, subsequently, the atmosphere during deglaciation. Detection of extremely 14C depleted carbon in the intermediate‐depth tropical oceans during periods of atmospheric CO2 rise was initially considered the smoking gun for the hypothesis, but attempts to reproduce the anomalies closer to the Southern Ocean source have largely failed. Here we present new 14C records from four cores recovered at intermediate depths in the eastern equatorial Pacific (EEP). In the context of additional geochemical records, including benthic foraminiferal stable isotopes and sedimentary nitrogen isotopes, we demonstrate that the extreme 14C anomalies observed during the last deglaciation do not reflect the radiocarbon content of AAIW. We show that although AAIW likely transported modestly 14C depleted carbon to the EEP subsurface, the extreme 14C signatures might reflect a distinct source of aged carbon arriving from the north, suggesting the North Pacific helped transport deep ocean carbon to the atmosphere during the last deglaciation. In the EEP, additional local hydrothermal inputs of 14C‐free carbon near the Galapagos Islands magnified the already low‐14C signatures. Finally, regardless of arrival route (North/South Pacific or hydrothermal), 14C‐depleted carbon was released from the EEP subsurface during a late deglacial pulse of renewed upwelling, likely contributing to the Younger Dryas rise in atmospheric CO2.