Sri Lanka's selectors plumped for the experience of Arnold, a 33-year-old veteran who has scored 3744 runs in 167 matches, ahead of teenager Chamara Kapugedera.
Kulasekara, a handy lower order batsman and sharp fielder, claimed the final bowling place ahead of Akalanka Ganegama, Nuwan Zoysa and Ruchira Perera.
Leg spinner Malinga Bandara, who impressed against India at Rajkot on Sunday, claiming 2-36 including the key wicket of Sachin Tendulkar, was selected ahead of the more experienced Upul Chandana as the second spinner.
Kapugedera, Ganegama, Chandana and Perera were named official reserves.
The squad, captained by Mahela Jayawardene, included eight specialist batsmen and seven bowlers.
Sri Lanka, the 1996 World Cup winners, are in Group B with 1983 champions India, Bangladesh and Bermuda.
Sri Lanka squad:
Mahela Jayawardene (capt), Kumar Sangakkara (wk), Marvan Atapattu, Sanath Jayasuriya, Upul Tharanga, Tillakaratne Dilshan, Russel Arnold, Chamara Silva, Farveez Maharoof, Chaminda Vaas, Dilhara Fernando, Lasith Malinga, Nuwan Kulasekara, Muttiah Muralitharan, Malinga Bandara
Chamara Kapugedera, Akalanka Ganegama, Upul Chandana, Ruchira Perera