Atlanta traded minor league first baseman Bryce Ball to the Cubs in exchange for Pederson, according to the team. The deal comes just days after Braves star outfielder Ronald Acuna Jr. suffered a torn ACL in his right knee.
Pederson recorded a .230 batting average with 11 home runs and 39 RBIs over 73 games for the Cubs this season, his first in Chicago after signing a one-year, $4.5 million contract in February that included a $10 million mutual option and $2.5 million buyout.
The 29-year-old Pederson spent his first seven MLB seasons with the Los Angeles Dodgers. He won a World Series championship with the club last year.
Pederson's best season with the Dodgers came in 2019, when he set career bests in batting average (.249), home runs (36), RBIs (74), hits (112) and runs scored (83).
The Braves selected Ball in the 24th round of the 2019 amateur draft. He has compiled a .377 on-base percentage over two seasons in the minors.
Atlanta (44-45) begins the second half of the regular season four games behind the first-place New York Mets in the National League East.
The Cubs, meanwhile, are beginning to retool their roster ahead of free agency after this season. About half of Chicago's roster is set to become free agents after the 2021 campaign.
Chicago (44-46) is eight games back of the National League Central-leading Milwaukee Brewers.
The 2021 MLB trade deadline is at 4 p.m. EDT on July 30.