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Neither have been able to make their respective sides' first teams this season, and are going to get some games under their belts. The deal runs for a month.
22-year-old Regan is a formee Everton trainee, and has made over 40 first team appearances since joining the Tykes two years ago.
Holt meanwhile has suffered with form and fitness since signing Brian Little bought him for £150,000 from Oldham a year ago and has been out of favour with Jan Molby, failing to even make the bench so far this season.
However, Barnsley manager Steve Parkin believes he can get the best out of the 24-year-old.
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"He has been out of favour since Jan Molby took over at Hull and when we found out that they were interested in Carl we let then know that we were interested in Andy.
"We have sorted out a swap deal for a month and we shall see how it goes."