4-20ma 3 wire linear transducer and arduino connection problem
To connect the 2 devices, you will need to connect pin 2 of the transducer to the current + pin, and pin 3 to the current - pin, 

In addition you will need to power it with 24V across pin1 and pin 3,

I should note if you do not need to scale the value, your converter could be swapped out of a 250 ohm resistor between pin 2 and pin 3,