Trump declined to give more details about the possibility of US forces leading an operation in Venezuela.
The Trump administration has slapped a series of sanctions against Maduro and more than two-dozen current and former officials in response to a crackdown on opposition leaders and the recent election of a pro-government assembly tasked with rewriting the country's constitution.
After four months of deadly protests against his government, Maduro says the assembly is Venezuela's only hope of obtaining peace by locking in the socialist policies of his mentor and predecessor, the late Hugo Chavez. He added that it's "certainly something that we could pursue".
The countries expressed their solidarity in a public declaration in which they congratulated Venezuela on the Constituent Assembly and rejected mounting global attacks against the country. Almost 130 people have been killed in clashes between protesters and security forces.
Well before Maduro himself responded, governments in Latin America with a long memory of USA interventions were quick to express alarm over what sounded to them like saber-rattling.
Venezuela is undergoing a crisis in which millions are suffering from food and medicine shortages and high inflation. "But now the claim has been validated", said Mark Feierstein, who served as President Barack Obama's top national security adviser on Latin America.
"You've seen Maduro have some lame attempts to try to do that already", McMaster said in an interview that aired last Saturday on MSNBC.
"Mr. Donald Trump, here is my hand", he said.
Arreaza added that "the Bolivarian Republic of Venezuela once again warns the global community of the serious threats that are ever increasing".
Following Trump's assertion that military intervention in Venezuela was an option, Maduro's critics are caught between backing the idea of a foreign invasion of Venezuela or supporting a president they call a dictator.
The US government has sanctioned more than 20 Venezuelan government officials in the last few weeks.
Following the meeting Arreaza is expected to deliver a government statement responding to Trump's remarks, which have been panned by government allies as a dramatic escalation of the country's political conflict. "President Trump will gladly speak with the leader of Venezuela as soon as democracy is restored in that country", said the White House in its statement.
In a controversial election boycotted by the Opposition, a new constituent assembly was elected to draw up a new constitution that has the potential to fundamentally change the rules in favor of Maduro.
The South American nation is also embroiled in an economic crisis that has led many to leave the country in search of easier access to food and medicine.