The Brewers also sent minor league pitcher Drew Gagnon to Los Angeles in the deal announced Tuesday.
Bandy, 26, hit .234 with eight homers and 25 RBIs in 70 games for Los Angeles after being called up from Triple-A Salt Lake on May 20. He threw out 17 baserunners (37 percent), which ranked fourth in the American League and first among major league rookies.
Maldonado, 30, returns to the organization that drafted him in the 27th round in 2004. He hit .202 last season with eight homers and 21 RBIs.
In 69 games behind the plate, Maldonado threw out about 35 percent of baserunners, which was sixth in the majors.
He made his debut with the Brewers in 2011, serving most of that time as the backup to Jonathan Lucroy until the rebuilding Brewers dealt Lucroy to Texas over the summer.
Maldonado was eligible for arbitration this offseason.