diff --git a/conda/environments/all_cuda-118_arch-x86_64.yaml b/conda/environments/all_cuda-118_arch-x86_64.yaml
index 8c97db4d496..4fad893f768 100644
--- a/conda/environments/all_cuda-118_arch-x86_64.yaml
+++ b/conda/environments/all_cuda-118_arch-x86_64.yaml
@@ -38,7 +38,7 @@ dependencies:
 - hypothesis
 - identify>=2.5.20
 - ipython
-- libarrow==11.0.0.*
+- libarrow==12.0.1.*
 - libcufile-dev=1.4.0.31
 - libcufile=1.4.0.31
 - libcurand-dev=10.3.0.86
@@ -66,7 +66,7 @@ dependencies:
 - pre-commit
 - protobuf>=4.21,<5
 - ptxcompiler
-- pyarrow==11.0.0.*
+- pyarrow==12.0.1.*
 - pydata-sphinx-theme
 - pyorc
 - pytest
diff --git a/conda/environments/all_cuda-120_arch-x86_64.yaml b/conda/environments/all_cuda-120_arch-x86_64.yaml
index 03430a8d346..1a4abe64b95 100644
--- a/conda/environments/all_cuda-120_arch-x86_64.yaml
+++ b/conda/environments/all_cuda-120_arch-x86_64.yaml
@@ -39,7 +39,7 @@ dependencies:
 - hypothesis
 - identify>=2.5.20
 - ipython
-- libarrow==11.0.0.*
+- libarrow==12.0.1.*
 - libcufile-dev
 - libcurand-dev
 - libkvikio==23.10.*
@@ -63,7 +63,7 @@ dependencies:
 - pip
 - pre-commit
 - protobuf>=4.21,<5
-- pyarrow==11.0.0.*
+- pyarrow==12.0.1.*
 - pydata-sphinx-theme
 - pyorc
 - pytest
diff --git a/conda/recipes/cudf/meta.yaml b/conda/recipes/cudf/meta.yaml
index 0249efcedf6..612d2b177f6 100644
--- a/conda/recipes/cudf/meta.yaml
+++ b/conda/recipes/cudf/meta.yaml
@@ -61,7 +61,7 @@ requirements:
     - scikit-build >=0.13.1
     - setuptools
     - dlpack >=0.5,<0.6.0a0
-    - pyarrow =11
+    - pyarrow =12
     - libcudf ={{ version }}
     - rmm ={{ minor_version }}
     {% if cuda_major == "11" %}
diff --git a/conda/recipes/libcudf/conda_build_config.yaml b/conda/recipes/libcudf/conda_build_config.yaml
index 4d03dab2f35..0397045786b 100644
--- a/conda/recipes/libcudf/conda_build_config.yaml
+++ b/conda/recipes/libcudf/conda_build_config.yaml
@@ -23,7 +23,7 @@ gtest_version:
   - ">=1.13.0"
 
 libarrow_version:
-  - "=11"
+  - "=12"
 
 dlpack_version:
   - ">=0.5,<0.6.0a0"
diff --git a/cpp/cmake/thirdparty/get_arrow.cmake b/cpp/cmake/thirdparty/get_arrow.cmake
index c877c9c6466..036ef880f99 100644
--- a/cpp/cmake/thirdparty/get_arrow.cmake
+++ b/cpp/cmake/thirdparty/get_arrow.cmake
@@ -381,7 +381,7 @@ if(NOT DEFINED CUDF_VERSION_Arrow)
   set(CUDF_VERSION_Arrow
       # This version must be kept in sync with the libarrow version pinned for builds in
       # dependencies.yaml.
-      11.0.0
+      12.0.1
       CACHE STRING "The version of Arrow to find (or build)"
   )
 endif()
diff --git a/cpp/tests/io/arrow_io_source_test.cpp b/cpp/tests/io/arrow_io_source_test.cpp
index 2961deec384..d7f1879040b 100644
--- a/cpp/tests/io/arrow_io_source_test.cpp
+++ b/cpp/tests/io/arrow_io_source_test.cpp
@@ -87,6 +87,7 @@ TEST_F(ArrowIOTest, S3FileSystem)
     ASSERT_EQ(1, tbl.tbl->num_columns());  // Only single column specified in reader_options
     ASSERT_EQ(244, tbl.tbl->num_rows());   // known number of rows from the S3 file
   }
+  CUDF_EXPECTS(arrow::fs::EnsureS3Finalized().ok(), "Failed to finalize s3 filesystem");
 }
 
 CUDF_TEST_PROGRAM_MAIN()
diff --git a/dependencies.yaml b/dependencies.yaml
index 6bf78d18a41..fc3bf498918 100644
--- a/dependencies.yaml
+++ b/dependencies.yaml
@@ -223,7 +223,7 @@ dependencies:
           - &gmock gmock>=1.13.0
           # Hard pin the patch version used during the build. This must be kept
           # in sync with the version pinned in get_arrow.cmake.
-          - libarrow==11.0.0.*
+          - libarrow==12.0.1.*
           - librdkafka>=1.9.0,<1.10.0a0
           - spdlog>=1.11.0,<1.12
     specific:
@@ -253,7 +253,7 @@ dependencies:
           - cython>=0.29,<0.30
           # Hard pin the patch version used during the build. This must be kept
           # in sync with the version pinned in get_arrow.cmake.
-          - pyarrow==11.0.0.*
+          - pyarrow==12.0.1.*
           - numpy>=1.21
   build_python:
     common:
@@ -272,13 +272,13 @@ dependencies:
       - output_types: [conda, requirements]
         packages:
           # Allow runtime version to float up to minor version
-          - libarrow==11.*
+          - libarrow==12.*
   pyarrow_run:
     common:
       - output_types: [conda, requirements, pyproject]
         packages:
           # Allow runtime version to float up to minor version
-          - pyarrow==11.*
+          - pyarrow==12.*
   cudatoolkit:
     specific:
       - output_types: conda
diff --git a/python/cudf/pyproject.toml b/python/cudf/pyproject.toml
index e37c3642082..5cd63893844 100644
--- a/python/cudf/pyproject.toml
+++ b/python/cudf/pyproject.toml
@@ -8,7 +8,7 @@ requires = [
     "ninja",
     "numpy>=1.21",
     "protoc-wheel",
-    "pyarrow==11.0.0.*",
+    "pyarrow==12.0.1.*",
     "rmm==23.10.*",
     "scikit-build>=0.13.1",
     "setuptools",
@@ -38,7 +38,7 @@ dependencies = [
     "pandas>=1.3,<1.6.0dev0",
     "protobuf>=4.21,<5",
     "ptxcompiler",
-    "pyarrow==11.*",
+    "pyarrow==12.*",
     "rmm==23.10.*",
     "typing_extensions>=4.0.0",
 ] # This list was generated by `rapids-dependency-file-generator`. To make changes, edit ../../dependencies.yaml and run `rapids-dependency-file-generator`.
diff --git a/python/cudf_kafka/pyproject.toml b/python/cudf_kafka/pyproject.toml
index d458969d40f..081a2f69800 100644
--- a/python/cudf_kafka/pyproject.toml
+++ b/python/cudf_kafka/pyproject.toml
@@ -5,7 +5,7 @@
 requires = [
     "cython>=0.29,<0.30",
     "numpy>=1.21",
-    "pyarrow==11.0.0.*",
+    "pyarrow==12.0.1.*",
     "setuptools",
     "wheel",
 ] # This list was generated by `rapids-dependency-file-generator`. To make changes, edit ../../dependencies.yaml and run `rapids-dependency-file-generator`.