Lake, 25, appeared in eight games for the Orioles, getting three doubles and striking out nine times in 22 plate appearances.
The Orioles ultimately picked Riefenhauser and the Mariners put Olmos on waivers when they claimed infielder Andy Wilkins from Baltimore. Olmos was claimed by the Cubs on Friday.
The Cubs then waived him and the Orioles grabbed the former third-round draft pick of the Miami Marlins (2008). Olmos has pitched in 11 games in the majors in his career, including six appearances last season with the Mariners. In 14 innings with Seattle, including two starts, Olmos was 1-0 with a 4.50 ERA, allowing 16 hits, walking eight and striking out four. He had a 3.55 ERA in 20 games with Triple-A Tacoma in 2015.
Olmos likely will be in the mix for a bullpen spot with the Orioles this spring.