According to ESPN.com's Jamison Hensley, Collins was arrested Friday morning after crashing his car into a tree about a mile away from the Ravens' team facility. Formal charges against Collins have yet to be announced.
Collins was set to become a restricted free agent prior to getting waived, and his spot on the team was tenuous since he lost his starting job to undrafted rookie Gus Edwards last season.
The 24-year-old Collins rushed for 411 yards and seven touchdowns in 10 games last season, also catching 15 passes for 105 yards and a score.
He was far more effective in 2017, his first season with the Ravens. In 15 games, Collins rushed for 973 yards and six touchdowns to go along with 23 grabs for 187 yards. From 2017 to 2018, Collins' yards per carry dipped from 4.6 to 3.6.
With Collins out of the picture, the Ravens have a pair of running backs on the roster in Edwards and 2016 fourth-round pick Kenneth Dixon. Both Javorius Allen and Ty Montgomery are set to become free agents.
Edwards may have done enough to earn Baltimore's starting job for 2019 after rushing for 718 yards and two touchdowns in 11 games last season, but the Ravens will also have options in free agency and the draft.
The top free-agent running backs include Le'Veon Bell, Mark Ingram, Jay Ajayi and Tevin Coleman, while top draft prospects at running back include Alabama's Josh Jacobs, Iowa State's David Montgomery, Memphis' Darrell Henderson and Texas A&M's Trayveon Williams.