Carpenter went 6-4 with three saves and a 3.54 ERA in 65 games with Atlanta last year. Shreve made his major league debut in July, and the left-hander allowed one earned run in 12 1-3 innings covering 15 games.
The Braves received minor league left-hander Manny Banuelos in the deal. Banuelos went 2-3 with a 4.11 ERA in 26 games over three stops last season, finishing with Triple-A Scranton/Wilkes-Barre.
The trade was announced on Thursday. The YES Network was the first to report the deal.
Carpenter made his major league debut with Houston in 2011. The 29-year-old righty is 11-10 with a 3.62 ERA in 188 career games.