Encarnacion's RBI double ignited a four-run first inning and his two-run homer in the fifth put the Blue Jays ahead 6-0.
Arencibia, meanwhile, capped the big initial frame with a run-scoring two-bagger and later went back-to-back with Maicer Izturis on solo shots as streaking Toronto reeled off a seventh consecutive win.
Former Rocky Esmil Rogers (3-2) collected the victory, yielding three runs (two earned) on four hits over 6 2/3 innings. The right-hander walked one and struck out five.
Colorado starter Jeff Francis (2-5) was pounded for eight runs on 10 hits over six full frames.
Wilin Rosario and Nolan Arenado each knocked in a run for the Rockies.