ESPN.com confirmed the 125-pound fight with UFC officials on Tuesday. The UFC 211 pay-per-view card takes place at American Airlines Center.
Cejudo (10-2) is looking to turn around a two-fight skid, which began last April when he suffered a TKO loss to defending champion Demetrious Johnson. He then dropped a split decision to Joseph Benavidez in December.
Despite back-to-back losses, Cejudo, a former Olympic gold medalist wrestler, remains the No. 3-ranked flyweight in the world. He fights out of Phoenix.
Pettis (15-2) is riding a three-fight win streak, but has not yet fought the quality of competition Cejudo has. The 23-year-old is 6-2 in the UFC overall, with notable wins over Chris Cariaso and John Moraga.
Fighting out of Roufusport MMA in Milwaukee, Pettis is the younger brother of former lightweight champion Anthony Pettis.