Arnold, 32, was dropped for the current series against Bangladesh despite averaging 53.66 in the triangular series with Australia and South Africa in January.
Sri Lanka have also recalled skipper Marvan Atapattu, Chaminda Vaas and Muttiah Muralitharan, all of whom were rested for the three-match series against Bangladesh in February.
Atapattu was handed back the captaincy but Chaminda Vaas was removed as vice-captain and replaced by Mahela Jayawardene, the stand-in leader in Bangladesh.
Pace bowler Dilhara Fernando was dropped and is replaced by right-arm seamer Nuwan Kulasekera.
Fast bowler Dammika Prasad, despite two wickets in the first over of his debut in the Bangladesh series, was dropped as Sri Lanka retained leg spinning all-rounder Kaushal Lokuarachchi in a spin-focused squad.
Sri Lanka and Pakistan will play three One-day internationals in Colombo starting at the R Premadasa Stadium on March 17. Pakistan will also play two Test matches in Colombo and Kandy.
Squad: Marvan Atapattu (captain), Mahela Jayawardene (vice-captain), Sanath Jayasuriya, Upul Tharanga, Kumar Sangakkara, Tillakaratne Dilshan, Russel Arnold, Chamara Kapugedera, Farveez Maharoof, Chaminda Vaas, Malinga Bandara, Muttiah Muralitharan, Ruchira Perera, Nuwan Kulasekera, Kaushal Lokuarachchi.