Manuel Ledesma Araneta Jr. was a Filipino basketball player who competed in the 1948 Summer Olympics in London.
He was a player of the Colegio de San Agustin in Iloilo before the outbreak of World War II. He later played for Mapua Institute of Technology, Far Eastern University, and later on De La Salle University. He marked his illustrious career under Philippine Air Lines in 1947 when he was named Most Valuable Player of the Manila Industrial Commercial Athletic Association.
In London in 1948, Araneta played in most of the games, helping the team beat Iraq, Korea, China, and Argentina. The team finished 12th place after losing to Chile, Belgium, and Peru.