diff --git a/cpp/cmake_modules/ThirdpartyToolchain.cmake b/cpp/cmake_modules/ThirdpartyToolchain.cmake
index 6ad08693d94..feb3245e6f3 100644
--- a/cpp/cmake_modules/ThirdpartyToolchain.cmake
+++ b/cpp/cmake_modules/ThirdpartyToolchain.cmake
@@ -2885,6 +2885,10 @@ macro(build_utf8proc)
   set(UTF8PROC_CMAKE_ARGS ${EP_COMMON_CMAKE_ARGS}
                           "-DCMAKE_INSTALL_PREFIX=${UTF8PROC_PREFIX}")
 
+  # We can remove this once we remove -DCMAKE_POLICY_VERSION_MINIMUM=3.5
+  # from EP_COMMON_CMAKE_ARGS.
+  list(REMOVE_ITEM UTF8PROC_CMAKE_ARGS -DCMAKE_POLICY_VERSION_MINIMUM=3.5)
+
   externalproject_add(utf8proc_ep
                       ${EP_COMMON_OPTIONS}
                       CMAKE_ARGS ${UTF8PROC_CMAKE_ARGS}
diff --git a/cpp/thirdparty/versions.txt b/cpp/thirdparty/versions.txt
index 9af3a05e60b..7b5b87bb519 100644
--- a/cpp/thirdparty/versions.txt
+++ b/cpp/thirdparty/versions.txt
@@ -109,8 +109,8 @@ ARROW_S2N_TLS_BUILD_VERSION=v1.3.35
 ARROW_S2N_TLS_BUILD_SHA256_CHECKSUM=9d32b26e6bfcc058d98248bf8fc231537e347395dd89cf62bb432b55c5da990d
 ARROW_THRIFT_BUILD_VERSION=0.20.0
 ARROW_THRIFT_BUILD_SHA256_CHECKSUM=b5d8311a779470e1502c027f428a1db542f5c051c8e1280ccd2163fa935ff2d6
-ARROW_UTF8PROC_BUILD_VERSION=v2.7.0
-ARROW_UTF8PROC_BUILD_SHA256_CHECKSUM=4bb121e297293c0fd55f08f83afab6d35d48f0af4ecc07523ad8ec99aa2b12a1
+ARROW_UTF8PROC_BUILD_VERSION=v2.10.0
+ARROW_UTF8PROC_BUILD_SHA256_CHECKSUM=6f4f1b639daa6dca9f80bc5db1233e9cbaa31a67790887106160b33ef743f136
 ARROW_XSIMD_BUILD_VERSION=13.0.0
 ARROW_XSIMD_BUILD_SHA256_CHECKSUM=8bdbbad0c3e7afa38d88d0d484d70a1671a1d8aefff03f4223ab2eb6a41110a3
 ARROW_ZLIB_BUILD_VERSION=1.3.1