An arrangement for installing a set of elevator ropes includes one or more rope reels storing the set of elevator ropes, a rope wheel arrangement mounted on a fixed base comprising one or more rope wheels, a first rope guide detachably mounted in proximity of said one or more rope wheels of the rope wheel arrangement, and a second rope guide detachably mounted in proximity of said one or more rope wheels of the rope wheel arrangement. The ropes of the set of elevator ropes are arranged to pass from the one or more rope reels to said one or more rope wheels of the rope wheel arrangement via the first rope guide, which is arranged to guide the ropes to converge a rim of said one or more rope wheels at least substantially vertically, to turn around said one or more rope wheels, and to pass away from the one or more rope wheels via the second rope guide, which is arranged to guide the ropes to diverge from a rim of said one or more rope wheels at least substantially vertically. A method for installing a set of elevator ropes uses the disclosed arrangement.