Coach Kyle Flood announced the dismissal of Darian Dailey in a news release Thursday.
The defensive back and another man were arrested and charged with robbery after Florida's Sarasota County Sheriff's Office said Dailey and another suspect confronted a bicyclist with a gun early Sunday and demanded money.
The bicyclist got their license plate number as they drove away, and authorities arrested the pair in Manatee County.
The 19-year-old Dailey, of Bradenton, is scheduled to be arraigned July 10 in Sarasota County Court. A lawyer who could comment on his behalf wasn't listed in online court records.
Dailey redshirted last season after arriving at Rutgers.