Jones was cut by the Texans last week. He caught 31 passes for 512 yards and two touchdowns last season, but he also fumbled twice in Houston's playoff loss to the Ravens.
The 27-year-old Jones gives depth to Baltimore's group of receivers. The Ravens have two established starters in Anquan Boldin and Torrey Smith, but have no proven option at the third receiver spot.
Jones has 127 catches for 1,741 yards and 11 touchdowns over five NFL seasons, all of them with the Texans.
Jones also provides an option to cornerback Lardarius Webb as a punt returner. Jones has three career punt returns for touchdowns and averages 23.3 yards on kickoff returns.