Both are fine. Arrange = to decide everything: time, place, etc. Schedule = focussed a bit more on the time only. Also a bit more formal, more likely to use this at work. But really both are fine.

Hi, Both of those sentences are correct, but 'schedule' is a little more formal than 'arrange'. If it were me, I'd probably say something along the lines of, "Let's meet up, when's good for you?", which is a bit more casual than either of your sentences.