"The vehicle was observed traveling in a reckless manner maneuvering between lanes and around other drivers," the statement continues.
Olave, 23, was booked into the Kenner Jail and charged with reckless operation of a motor vehicle. He was released just before midnight.
According to law enforcement, Monday was Olave’s second speeding violation. He was issued a speeding ticket in August after driving 54 mph in a posted 35 mph zone.
The Saints told Fox News Digital that they were aware of the situation but declined to comment further.
Olave leads the Saints this season with 39 catches for 471 yards and has caught one touchdown pass.
He finished his rookie campaign with 72 receptions for 1,042 yards and four touchdowns.
The Saints are coming off a 31-24 loss to the Jacksonville Jaguars and will next travel to Indianapolis for a Week 8 matchup against the Colts.