The Suns sent cash considerations to the 76ers on Friday for Holmes, and got Arthur from the Nets for forward Jared Dudley and a protected 2021 second-round pick.
Philadelphia made the Holmes deal to help clear salary cap space to sign 2017 second-round pick Jonah Bolden to a $7 million, four-year contract. Holmes averaged 7.4 points and 4.2 rebounds in four seasons with the 76ers.
The Suns are expected to buy out Arthur's $7.4 million contract to clear enough salary cap space for Holmes.
Arthur has played nine NBA seasons, the last five with Denver before being dealt to the Nets on July 13. He has appeared in 503 games with Denver and the Memphis Grizzlies, averaging 6.5 points and 3.5 rebounds.
Dudley, an 11-year NBA veteran, spent the last two seasons with the Suns in his second stint with the team.
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