The Eastern Conference rivals each offered a player in the deal, which sees Dominic Oduro head to TFC in exchange for Alvaro Rey.
The players swapped teams on Friday, with one-time Ghana international Oduro heading to his sixth MLS team since joining the league in 2006. Oduro has previously played with FC Dallas, the New York Red Bulls, Houston Dynamo, Chicago Fire and Columbus.
In 228 regular season MLS games, Oduro has notched 46 goals. He enjoyed his best offensive output in 2013 when he scored 13 times in 34 league matches for the Crew.
Heading to Columbus is 24-year-old Rey, who leaves TFC less than a year after moving over from Xerez in the Spanish second division. In 20 regular season appearances for Toronto, Rey has tallied one goal and one assist.