The 19-year-old moved to Liverpool in 2013, but struggled for action at the Merseyside club, and has now penned a two-year contract at the Liberty Stadium after opting to leave the Reds.
"I am really happy to be here," Dhanda told the club's official website. "I was excited from the minute I knew Swansea were interested in signing me. I just wanted to get the deal done.
"I wasn't really getting a chance at Liverpool and I wanted to come somewhere where I hope I will have a better chance to play in the first team. I want to show what I can do.
"Once I knew Swansea were interested, I felt the club would suit me. I have watched the football they have played over the years and I hope coming here will bring out the best in me.
"I could have stayed at Liverpool but I think coming to Swansea is the best thing for me. I am coming here to see how I get on in the first few weeks and then we will see where I'm at. Hopefully I will get a chance to train with the first team and show what I can do. As long as I am playing weekly, I don't mind if it's for the first team or the Under-23s."
Dhanda had previously been on the books of West Bromwich Albion.