Arenado left Friday's 3-2 loss to the Atlanta Braves after breaking his left middle finger on a head-first slide into second.
Arenado is hitting .305 with six homers and 28 RBIs. He leads the team with 17 doubles.
Rutledge has played second base and shortstop this season. He was placed on Colorado's 15-day disabled list May 2 with a viral infection. He was optioned to Colorado Springs on May 13.
The addition of Rutledge gives Colorado the flexibility to move D.J. LeMahieu from second base to third. Charlie Culberson, who replaced Arenado on Friday, is another option at third base.