Unfortunately there's no clean ActiveRecord way to do what you want that I know of. But you can always try ARel:
Order.joins(:client).select([
Order.arel_table[:time].as('order_time'),
Client.arel_table[:time].as('client_time')
])
This produces the SQL you posted (sans the shorter names for tables), and works for rails 3+ < 4. In rails 4 you can ditch the square parentheses from the select method. Do note that this is ActiveRecord combined with ARel, and not ARel only.
Full code for ARel would look as follows:
o = Order.arel_table # or Arel::Table.new('orders')
c = Client.arel_table
o.project(o[:time].as('order_time'), c[:time].as('client_time')).join(c).on(c[:id].eq(o[:client_id]))
# => SELECT "orders"."time" AS order_time, "clients"."time" AS client_time FROM "orders" INNER JOIN "clients" ON "clients"."id" = "orders"."client_id"