diff --git a/cpp/cmake/thirdparty/get_arrow.cmake b/cpp/cmake/thirdparty/get_arrow.cmake
index e9d2f479088..73e66cce608 100644
--- a/cpp/cmake/thirdparty/get_arrow.cmake
+++ b/cpp/cmake/thirdparty/get_arrow.cmake
@@ -26,13 +26,20 @@ include_guard(GLOBAL)
 # pyarrow.
 function(find_libarrow_in_python_wheel PYARROW_VERSION)
   string(REPLACE "." ";" PYARROW_VER_COMPONENTS "${PYARROW_VERSION}")
-  list(GET PYARROW_VER_COMPONENTS 0 PYARROW_SO_VER)
-  # The soname for Arrow libraries is constructed using the major version plus "00". Note that,
-  # although it may seem like it due to Arrow almost exclusively releasing new major versions (i.e.
-  # `${MINOR_VERSION}${PATCH_VERSION}` is almost always equivalent to "00"),
-  # the soname is not generated by concatenating the major, minor, and patch versions into a single
-  # version number soname, just `${MAJOR_VERSION}00`
-  set(PYARROW_LIB "libarrow.so.${PYARROW_SO_VER}00")
+  list(GET PYARROW_VER_COMPONENTS 0 PYARROW_MAJOR_VER)
+  list(GET PYARROW_VER_COMPONENTS 1 PYARROW_MINOR_VER)
+
+  # Ensure that the major and minor versions are two digits long
+  string(LENGTH ${PYARROW_MAJOR_VER} PYARROW_MAJOR_LENGTH)
+  string(LENGTH ${PYARROW_MINOR_VER} PYARROW_MINOR_LENGTH)
+  if(${PYARROW_MAJOR_LENGTH} EQUAL 1)
+    set(PYARROW_MAJOR_VER "0${PYARROW_MAJOR_VER}")
+  endif()
+  if(${PYARROW_MINOR_LENGTH} EQUAL 1)
+    set(PYARROW_MINOR_VER "0${PYARROW_MINOR_VER}")
+  endif()
+
+  set(PYARROW_LIB "libarrow.so.${PYARROW_MAJOR_VER}${PYARROW_MINOR_VER}")
 
   string(
     APPEND
diff --git a/dependencies.yaml b/dependencies.yaml
index 27b0f23389c..898760d1351 100644
--- a/dependencies.yaml
+++ b/dependencies.yaml
@@ -352,8 +352,8 @@ dependencies:
     common:
       - output_types: [conda, requirements, pyproject]
         packages:
-          # Allow runtime version to float up to minor version
-          - pyarrow>=16.0.0,<17.0.0a0
+          # Allow runtime version to float up to patch version
+          - pyarrow>=16.0.0,<16.1.0a0
   cuda_version:
     specific:
       - output_types: conda
diff --git a/python/cudf/pyproject.toml b/python/cudf/pyproject.toml
index 4b57bcd018a..826362f0632 100644
--- a/python/cudf/pyproject.toml
+++ b/python/cudf/pyproject.toml
@@ -34,7 +34,7 @@ dependencies = [
     "packaging",
     "pandas>=2.0,<2.2.3dev0",
     "ptxcompiler",
-    "pyarrow>=16.0.0,<17.0.0a0",
+    "pyarrow>=16.0.0,<16.1.0a0",
     "rich",
     "rmm==24.6.*",
     "typing_extensions>=4.0.0",