"They got a major gun dealer off the streets," said Det. Donny Moses, a spokesman for the Baltimore Police Department.
Maryland's U.S. Attorney's Office had not released the exact charges by 10:30 p.m. Thursday.
A man arrested in January on a hand gun charge began cooperating with police and the case "mushroomed" into Thursday's arrests and the seizure of weapons, cash and drugs with a street value of roughly $30,000, he said.
Sixteen guns, of all shapes and sizes, two ounces of heroin, two bullet-proof vests and $8,000 were seized when officials executed five search and seizure warrants Thursday — three simultaneously, he said.
The searches took place across Baltimore and in western Baltimore County.
Homes in the 4500 block of Mary Ave., the 5000 block of Harford Road and the 2300 block of N. Rosedale St. were all raided by authorities at the same time, according to the detective.
A storage facility in the 5300 block of Park Heights Ave. and a home in Baltimore County, in the 3300 block of Milford Mill Road, were searched later in the day, Moses said. The searches began at 11 a.m.
Police have not yet determined where the guns originated, Moses said, but he said that many guns used by criminals come from North Carolina and Virginia.
Federal authorities may be expanding the investigation of the gun ring beyond Maryland's borders, he said.
At least 16 detectives and agents were involved in bringing about Thursday's arrests and gun seizures, Moses said.
A search of federal court records indicated that Price and his wife, of the 3300 block of Milford Mill Road in Windsor Mill, filed for bankruptcy in February.
Correa, of the 2300 block of N. Rosedale St., and James, of the 5000 block of Harford Road, are also co-defendants in a Baltimore City Circuit Court case. They were arrested at the end of January on handgun charges.