The aim of this paper is to introduce truncated degenerate Bell polynomials and numbers and to investigate some of their properties. In more detail, we obtain explicit expressions, identities involving other special polynomials, integral representations, Dobinski-like formula and expressions of the generating function in terms of differential operators and linear incomplete gamma function. In addition, we introduce truncated degenerate modified Bell polynomials and numbers and get similar results for those polynomials. As an application of our results, we show that the truncated degenerate Bell numbers can be expressed as a finite sum involving moments of a beta random variable with certain parameters.2010 Mathematics Subject Classification. 11B73; 11B83; 65C50. Key words and phrases. truncated degenerate Bell polynomials; truncated degenerate modified Bell polynomials; beta random variable.