The Phillies activated right-handed reliever Pat Neshek in a corresponding move. Neshek has been sidelined this season by a strains to his right shoulder and elbow.
Velasquez, who is 5-8 with a 4.69 ERA, was struck in the forearm by Adam Eaton's liner in the second inning of the Phillies' 3-2 victory over the Washington Nationals on Saturday. He dropped his glove, hustled to retrieve the ball as it deflected toward third base and unleashed a strong toss with his opposite arm that nipped the speedy Eaton at first for the final out.
After completing the play, Velasquez dropped to the ground, writhing in pain and clutching his right arm. He was pulled from the game with a bruise, having allowed one run and three hits.
"I feel a lot better than yesterday," Velasquez told reporters Sunday. "A lot more movement going on and just continue doing my work stuff that I need to do, lower half, and then continue to doing my core and all that stuff I need to do and go from there."
This is the fourth trip to the disabled list for Velasquez in his three seasons with Philadelphia.
Neshek re-signed with the Phillies in the offseason after Philadelphia traded him to the Rockies in 2017, a season in which he earned his second All-Star appearance with a 1.59 ERA in 62⅓ innings pitched.
The Phillies also on Sunday recalled right-hander Jake Thompson from Triple-A Lehigh Valley and optioned left-hander Zac Curtis there in his place.
The Associated Press contributed to this report.