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Waco police Sgt. Patrick Swanton said Cobb, 19, was being held Wednesday at the McLennan County jail on three counts of aggravated robbery. Police say an armed man robbed a pedestrian of his wallet on Jan. 10.
Baylor police and authorities in nearby Bellmead also had sought Cobb in connection to armed robberies they were investigating.
Oklahoma has suspended Cobb, who originally signed with Baylor but was released from his letter of intent after former coach Art Briles was fired in May.
“We are aware of the matter, and Mr. Cobb is suspended indefinitely from all athletics participation,” the university said in a statement issued Tuesday night. “The University will review the matter further consistent with its student conduct process.”
Cobb, 19, started two games and made four appearances for the Sooners last season as a true freshman.
ESPN’s Jake Trotter and The Associated Press contributed to this report.