Pederson, 29, was off to a slow start after signing a one-year deal with the club this past winter. He was hitting just .137 in 51 at-bats before being placed on the IL.
To take his place on the roster, the Cubs recalled former first-round pick Nico Hoerner from their alternate site.
Along with Pederson, Hoerner was one of the best hitters for the Cubs in spring training, but he didn't break camp with the team. He hit .222 in 48 games last season for Chicago.