Kaylee Remington of Cleveland.com reported both players paid a $250 fine to settle the case.
A Rocky River Police Department report stated Higgins and Wills were pulled over after being caught racing side-by-side.
Along with the racing charge, officers found a marijuana joint in one of the vehicles, which was destroyed and the players were given a warning rather than being cited, per Remington.
The incident occurred two days after the Browns' Week 17 win over the Pittsburgh Steelers to clinch a playoff berth. Cleveland beat Pittsburgh again in the Wild Card Round before being eliminated by the eventual AFC champion Kansas City Chiefs.
It marked the Browns' first postseason appearance since 2002.
Wills was the team's first-round pick in the 2020 NFL draft. He started 15 games as a rookie.
Higgins, a 2016 fifth-round selection, has recorded 113 receptions and 11 touchdowns across five seasons in Cleveland. He's scheduled to become an unrestricted free agent in the offseason.