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The 27-year-old Belarus midfielder had a medical in the Spanish city on Wednesday and he described his move to the La Liga giant as "a dream".
"I love this team," said Hleb. "I will give my best and I want to win everything with Barca.
Hleb arrived at the Nou Camp on the day that Brazil star Ronaldinho was in Milan having a medical as he prepared to leave the Spanish side.
Hleb had been linked with Inter Milan, but Barcelona have won the race to sign him.
Arsenal have also lost Mathieu Flamini to AC Milan and Gilberto Silva is poised to sign for Panathinaikos.
Hleb's departure from the Emirates Stadium seemed likely all summer after the player admitted he was "mentally tired" of the combination of living in London and playing top-level football.
He joined Arsenal in 2005 after the club paid Bundesliga outfit Stuttgart Ј11.2m for his services.
Hleb becomes Barcelona's fifth summer signing following the arrivals of Seydou Keita, Gerard Pique, Martin Caceres and Daniel Alves.
(BBC)
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