The Indians, who also will receive unspecified cash in the trade, sent minor leaguers Abner Abreu, an outfielder, and Carlton Smith, a pitcher, to the Cubs, Cleveland said in a statement.
Japan's Fukudome, 34, hit .273 in 87 games with the Cubs this season, primarily as their leadoff batter.
He is in the final year of a four-year $48 million contract, and the Cubs are expected to pay most of the estimated $4.5 million remaining for this season.
Cleveland is short on outfielders with Grady Sizemore and Choo Shin-soo on the disabled list.
(Reporting by Gene Cherry in Raleigh, North Carolina; Editing by Julian Linden)