We study deflection of light rays and gravitational lensing in the regular Bardeen no-horizon spacetimes. Flatness of these spacetimes in the central region implies existence of interesting optical effects related to photons crossing the gravitational field of the no-horizon spacetimes with low impact parameters. These effects occur due to existence of a critical impact parameter giving maximal deflection of light rays in the Bardeen no-horizon spacetimes. We give the critical impact parameter in dependence on the specific charge of the spacetimes, and discuss "ghost" direct and indirect images of Keplerian discs, generated by photons with low impact parameters. The ghost direct images can occur only for large inclination angles of distant observers, while ghost indirect images can occur also for small inclination angles. We determine the range of the frequency shift of photons generating the ghost images and determine distribution of the frequency shift across these images. We compare