A counterweight arrangement for an elevator, includes a first vertical guide rail and a second vertical guide rail, the guide rails defining a vertical guide rail plane, a counterweight arranged to travel between the guide rails guided by the guide rails, the counterweight including a frame, which includes a first upright beam and a second upright beam and a cross beam connecting the upper ends of the upright beams, and a diverting pulley mounted between the guide rails on the cross beam of the counterweight frame, the pulley having a vertical plane of rotation, which crosses the guide rail plane. The cross beam is aligned parallel with the plane of rotation of the pulley. An elevator includes the aforementioned counterweight arrangement.