Arcobello, 25, had 12 points (two goals, 10 assists) in 20 games for the Oilers this season, tied for third on the team. But he had no points in his last four games after scoring his first two career goals, including the overtime winner, in a 4-3 win over Florida.
In Edmonton's last game, a 3-0 loss to Dallas on Wednesday, Arcobello was minus-1 and managed one shot in a season-low 11:50 of ice time.
Klefbom, 20, has played in 12 games for the Barons this season, recording one assist and two penalty minutes.
The six-foot-three, 204-pound defenceman is in his first professional season in North America after spending the past three seasons with Farjestads of the Swedish Elite League.
The Oilers selected Klefbom in the first round, 19th overall in the 2011 NHL draft.