Barros Schelotto will replace Arruabarrena, another former player, who was fired for a string of bad results, despite winning the league and the Argentinean Cup in 2015.
Barros Schelotto, 42, will arrive alongside his twin brother, Gustavo, who will join Boca's coaching staff.
In January, both were named to coach Italian club Palermo, but did not receive a work permit as they did not have the requisite five years of coaching experience.
It is still not known if Barros Schelotto will take over Boca for its game against Racing Club, as part of the Copa Libertadores.
Barros Schelotto had played for Boca Juniors from 1997 to 2007, scoring 62 goals in 211 games.
Favorieten/bladwijzers