Generally I think the two phrases can be and are used interchangeably, in UK English anyway, but there is a small difference in meaning if you want to be precise - to put someone up to something implies something specific, a discrete act, e.g:
'Johnny broke a window at school. He's such a good kid, someone must have put him up to it.'
Whereas referring to someone being led lends itself more as a phrase to both the general and specific, as in being led in a particular direction, e.g:
'Since getting in with the wrong crowd Johnny started smoking, now I even caught him drinking. Clearly he's being led on by that group.'