Sgt. Douglas Petersen told local media that Banderas, 19, who started four games as a true freshman in 2013, and Lucas Keifer, 19, a member of the Nebraska track and cross country teams, were pulled over by police after a witness reported seeing two people clip locks with a bolt cutter and carry the bikes to a truck.
Keifer was driving the truck when it was stopped by Lincoln police. Police said they removed the bikes and bolt cutter from the truck.
Banderas and Keifer were transported to jail and released Tuesday on $3,500 bond. They are scheduled to appear in court June 17.
Banderas told campus police they planned to sell the bicycles. The scheme was outlined in a probable cause affidavit released Wednesday.
Officer Aaron Pemberton wrote Banderas "stated they took the bikes because he saw signs posted on the racks that UNL would cut the bikes after a certain date and take them as abandoned property." Banderas said the plan was to sell the seven bikes over the Internet.
The son of former Nebraska tight end Tom Banderas and a graduate of Lincoln Southwest High School, Josh Banderas recorded 28 tackles, including two sacks, in his debut season at Nebraska, playing primarily at middle linebacker.
Banderas fared well in spring practice at outside linebacker.
Petersen said Banderas and Keifer were cooperative, with one telling an officer stealing the bikes was "bone-headed."
The athletic department said in a statement that administrators and coaches are aware of the incident and have no comment.
Information from The Associated Press was used in this report.