Luongo, once a Socceroos regular and the 2015 Asian Cup player of the tournament, was last selected for the World Cup qualifier against Nepal in October 2019, but withdrew due to injury.
He most recently played for the national team in January 2019, coming off the bench in extra time of the Asian Cup round-of-16 win over Uzbekistan.
But the 31-year-old's stellar form with Ipswich Town, who are battling at the top of England's second-tier Championship, made him impossible to overlook, alongside clubmate Cam Burgess.
Australia play England at Wembley on October 14 before facing New Zealand for the 'Soccer Ashes' at Brentford four days later, as they prepare for November's World Cup qualifiers and January's Asian Cup.
"We've played some quality opposition in recent months, and I've been happy with how we're building towards what's an important period," Arnold said.
"This period (post Qatar World Cup) has always been geared towards those outcomes, as we refine the system and style of play that will carry us through the Asian Cup and World Cup qualification.
"It's fitting this work culminates in what will be an amazing occasion at Wembley, as well as the opportunity to face New Zealand as we play for one of the earliest trophies in Socceroos' history.
"This squad, along with those players selected in previous windows, are an important part of our journey into 2024 and beyond."
Midfielder Jackson Irvine has quickly recovered from the ankle injury he suffered against Mexico, while left-back Jordy Bos returns from appendicitis.
With Nathaniel Atkinson (ankle) injured, Hibernian right-back Lewis Miller has earned his first call-up after impressing in Scotland under former Central Coast boss Nick Montgomery.
In attack, Awer Mabil returns after settling in at Swiss Super League club Grasshoppers.
Brandon Borrello, Aziz Behich and Andrew Redmayne are the only A-League Men players selected, with Melbourne City's Mathew Leckie sidelined through injury
Craig Goodwin returns after a goal-studded start to life in Saudi Arabia.
Exciting youngsters Mohamed Toure (Paris FC), Alex Robertson (Portsmouth) and Patrick Yazbek (Viking FK) join the squad as train-on players.
Cammy Devlin, Denis Genreau, Aiden O'Neill, Nick D'Agostino and goalkeeper Ashley Maynard-Brewer drop out.
SOCCEROOS SQUAD
Goalkeepers: Mat Ryan (capt), Tom Glover, Andrew Redmayne
Defenders: Aziz Behich, Jordy Bos, Cameron Burgess, Alessandro Circati*, Milos Degenek, Lewis Miller*, Kye Rowles, Harry Souttar, Ryan Strain
Midfielders: Keanu Baccus, Jackson Irvine, Massimo Luongo, Riley McGree, Connor Metcalfe
Forwards: Brandon Borrello, Martin Boyle, Mitch Duke, Craig Goodwin, Awer Mabil, Sam Silvera
(*Denotes uncapped)
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