Elam, a 2013 first-round pick, was charged with one count of cannabis possession, one count of possession of cannabis with intent to sell or deliver, one count of possession of a controlled substance and one count of reckless driving, police said. He is currently being held on a $15,500 bond.
Elam was arrested at 7:16 p.m. Saturday after his dark blue Range Rover passed an unmarked police car "at a high rate of speed" and swerved into the lane in front of the police car, causing its driver to pump the brakes in order to avoid a collision, according to charging documents. He then almost struck vehicles in front of him by following too closely, according to police.
After police attempted to conduct a traffic stop, Elam continued to accelerate and failed to yield immediately "in attempt to evade detectives," police said. Once Elam pulled over, police detected a strong odor of freshly burning marijuana and a big cloud of smoke emitting from inside the vehicle.
A search revealed a Gucci book bag on the floor of the driver's side that included 126.2 grams of marijuana, six oxycodone pills weighing 3.1 grams, $947, a Rolex, a men's necklace with white stones and a men's bracelet with white stones.
One of Elam's passengers, Calvin Stewart, possessed a loaded semi-automatic pistol in his waistband area. Stewart told police he didn't have a permit to carry a concealed weapon.
Police said they were patrolling that area because of recent robberies and burglaries in the area.
The 32nd overall pick in the draft four years ago, Elam is scheduled to become a free agent next month. The Ravens declined to pick up his fifth-year option a year ago.
"We are aware of the arrest of Matt Elam," the Ravens said in a statement. "Matt is not in our plans for the 2017 Ravens."
NFL spokesman Brian McCarthy said the league was looking into the incident.
This isn't the first substance-related incident for Elam. In October 2015, he was suspended for one game for violating the NFL's substance abuse policy. He had self-reported the violation, team officials said at the time.
Elam has been one of the most disappointing first-round picks in franchise history. He was benched from the starting lineup in the middle of the 2014 season after struggling to cover receivers deep and missing tackles. Elam played on special teams last season after being designated to return off injured reserve.
ESPN's Jeremy Fowler contributed to this report.