This will be the "first stint" in the IPL for the 33-year-old Plunkett, the Daredevils said in announcing the signing.
Rabada had signed a $650,000 deal with the Daredevils, who open their IPL campaign on Sunday against Kings XI Punjab. But he has been ruled out of cricket for up to three months with a back stress fracture.
Yorkshire bowler Plunkett was picked from a pool of available replacements. He has played in 13 Tests, 65 one-day internationals and 15 T20 internationals for England.
The eight-team, seven-week IPL starts on Saturday when defending champions the Mumbai Indians take on Chennai Super Kings.