Earlier in April, Mr Rice, 23, said he takes "full responsibility" for the crash, which left four people injured in Dallas, Texas.
Mr Rice is now facing eight felony charges in connection with the accident.
The charges carry potential penalties of years in prison.
He was taken to jail after turning himself in, authorities told the BBC.
According to Dallas police, the two speeding cars involved in the accident - a Lamborghini and Corvette - caused a "chain reaction collision" that damaged four more cars.
Police told the BBC the occupants of both speeding cars ran from the scene of the crash.
An arrest warrant for Mr Rice, a wide receiver for the Kansas City Chiefs, was issued on Wednesday.
Police in Glenn Heights confirmed that Mr Rice turned himself in to face the charges on Thursday.
Immediately following his arrest he was taken to a local jail with a bond totalling $40,000 (£31,856), according to US media reports.
The BBC has contacted Mr Rice's attorney for comment.
Of the eight felonies he is facing, six are counts of collision involving bodily injury, each of which carry prison sentences of up to five years and fines of up to $5,000.
A sixth charge, collision involving serious bodily injury, is punishable by up to 10 years in prison.
The final charge - aggravated assault - is punishable by up to 20 years in prison and a fine of up to $10,000.
In a statement posted to social media on 3 April, Mr Rice said that he takes "full responsibility for my part in this matter and will continue to co-operate" with authorities.
"I sincerely apologise to everyone impacted in [the] accident," he said.
Dashcam footage from another motorist appears to show the moment of the collision.
The video shows two vehicles speeding ahead of the motorist, losing control and crashing into several more cars, which then spin out of control on the motorway.
The driver of the second car, 21-year-old Theodore Knox, is also subject to an arrest warrant.
Mr Rice, a native of the Dallas area, was drafted to the NFL in 2023 and played in the Chiefs' second consecutive Super Bowl victory in February.
By Bernd Debusmann Jr