An academy graduate of River Plate Montevideo, Arezo made his professional debut on 14 July 2019 in a 0–0 draw against Progreso.[4] He scored his first professional goal on 10 August 2019, in a 2–1 league win against Juventud.[5]
On 31 January 2022, Spanish club Granada announced the signing of Arezo on a four-and-a-half-year deal.[6] On 20 January 2023, he returned to Uruguayan league by signing for Peñarol on a loan deal until the end of the year.[7]
On 18 July 2024, Arezo joined Brazilian club Grêmio on a four-and-a-half-year contract until December 2028.[8] On 14 July 2025, he returned to Peñarol on a loan deal until the end of the year.[9]
