The 18-year-old will remain at Griffin Park until February 9 and could make his debut against Port Vale on Saturday.
Manager Mark Warburton told the club website: "I am delighted to welcome Chuba to the club for what will be his first loan spell away from his home club.
"I have enjoyed watching Chuba's development over the last two seasons and particularly noticed his contribution for Arsenal in the NextGen Series tournament.
"He is a strong, quick player with an excellent touch and good vision and I am sure he will make a valuable contribution to the squad in the weeks ahead.
"I would very much like to thank Arsenal for their most professional and prompt response to our request to take Chuba."