According to MLSsoccer.com, LAFC will pay a US$2.5 million signing fee.
Since 2019, the 26-year-old Arango has scored 22 goals with six assists in 58 games with Millonarios. He is expected to provide offense for a team that is 6-5-5 (23 points) and tied for fifth place in the Western Conference heading into Wednesday's home game against Sporting Kansas City.
Eight MLS teams have scored more goals than the 22 LAFC has this season.
LAFC made the roster addition after they traded dependable midfielder Mark-Anthony Kaye to the Colorado Rapids last Tuesday and dealt forward Corey Baird to the Houston Dynamo on Friday. The club received nearly $2 million in general allocation money with the moves.