Cameron, who was a head coach for one season in Miami, had been the offensive coordinator in Baltimore since 2008. He was removed from the position Monday, one day after the Ravens dropped a 31-28 overtime decision to Washington, their second straight loss.
The Ravens, who have an AFC North-leading 9-4 record, are 18th in the NFL in total offense, ranking 16th in passing and 17th in rushing. They've averaged 19.25 points over their last four games.
"My charge -- our responsibility as a coaching staff -- is to maximize the opportunities for our team to win and we can still reach all of our goals for this season," Baltimore Coach John Harbaugh said in a release on the team website.
"With our coaches and players, the solution is in the building. We are going to make the most of our opportunities going forward, and this change gives us a better possibility to achieve our goals."
Caldwell was hired by the Ravens this past January after three year as head coach of the Indianapolis Colts.