A league source told ESPN NFL Insider Adam Schefter that Jones' deal is for $7 million. Financial terms for Pollard's deal, which will run through the 2015 season, were not immediately available.
Jones, was released on May 1 by the Houston Texans after failing to live up to expectations. He managed 31 catches for 512 yards last season in a season when star receiver Andre Johnson was sidelined nine games with injuries.
The 6-foot-2, 212-pound Jones becomes the Ravens' No. 3 wide receiver and could take over punt return duties from cornerback Lardarius Webb. He visited the Ravens on Monday after meeting with the Carolina Panthers last week.
"Adding Jacoby gives us another proven downfield weapon in our passing game and production with our returns," general manager Ozzie Newsome said in a statement. "His experience makes the offense better, and the competition he brings can help raise our levels at receiver and with punt and kickoff returns."
Last season, in his first with the Ravens, Pollard beat out Tom Zbikowski for the strong safety job and registered 75 tackles, two sacks, three forced fumbles and one interception.
"Bernard showed last year that he is a Raven," Newsome said in a separate statement. "He's smart, tough and brings a passion to the games, our practices and in the weight room.
"His physical presence on the back end is very important to the way we play defense. He has indicated since the first day he stepped into our building last training camp that he wanted to be a Raven for the long haul."
A third-round pick in 2007, Jones signed a three-year contract with Houston before last season. His numbers dropped from 2010, though, and he fumbled a punt that set up a Baltimore touchdown in the playoffs. He was scheduled to make $3 million this season.
Jones became expendable after the Texans selected two wide receivers in the draft, Ohio State's DeVier Posey in the third round and Michigan State's Keshawn Martin in the fourth. The Texans tried to trade Jones during the draft, they were unable to strike a deal and wound up releasing him.
The 27-year-old Jones had his best season in 2010, catching 51 passes for 562 yards and three touchdowns. He was also Houston's punt returner and averaged 10.2 yards on 179 career returns for the Texans.