Police said Olave was driving 70 mph in a 35 mph zone on Joe Yenni Boulevard, which was described in a Kenner Police Department release as a “mixed business/residential area.”
The Dodge Charger driven by Olave was “observed travelling at the high rate of speed, recklessly maneuvering between lanes and around other drivers on the roadway,” according to police.
The Saints said they were aware of the situation but had no comment.
Olave, 23, was booked into the Kenner jail Monday night and was released at 11:30 p.m.
The Saints did not practice Monday after they were given the weekend off following a Thursday night game last week. However, the Saints still held meetings and players were required to come to the facility in Kenner on Monday afternoon.
Olave, in his second year with the Saints, leads the team with 39 catches for 471 yards and a touchdown.
New Orleans plays at the Indianapolis Colts on Sunday.