The 31-year-old had been out of action for the past two months after suffering kneecap damage in the 2-2 draw at local rivals Atletico Madrid back in March.
However, the former Liverpool defender has now joined his team-mates ahead of Sunday's La Liga encounter with Valencia at Santiago Bernabeu, with the club confirming the news on their official website.
Arbeloa's return will bolster Carlo Ancelotti's options ahead of the league run-in, with Madrid attempting to cut a six-point lead to table-toppers Atletico Madrid.
Though Madrid have a game in hand, they will need to overtake their rivals' points tally due to an inferior head-to-head record.
Arbeloa also comes into contention to feature in the Champions League final against Atleti on May 24, after Ancelotti's men recorded a 5-0 aggregate victory over reigning champions Bayern Munich in the semi-finals.