Per reports, the teams swapped fourth- and fifth-round picks while the Redskins also secured another fifth-round selection from the Broncos.
The transaction comes nearly four weeks after Redskins coach Jay Gruden told reporters that the team was not trading Cravens.
Cravens was cleared to resume football activities in late December after suffering from post-concussion syndrome. He was reinstated by the NFL on Feb. 14.
A second-round draft pick in 2016, Cravens was placed on the exempt/left squad list on Sept. 3 after he said he wanted to retire. The 22-year-old Cravens reportedly was dealing with family issues at the time.
On Sept. 18, the Redskins placed him on the reserve/left squad list, which left him ineligible to play for the entire season.
Cravens had 34 tackles, one interception and one sack in 11 games (three starts) as a rookie in 2016.