Stokley was released Saturday one day after suffering a setback with a groin injury and Bajema was signed that day and played during the Ravens' 26-23 win Sunday over the Miami Dolphins.
Now, Stokley has taken over Bajema's roster spot.
This is the third roster move involving Bajema in the past week.
Bajema was cut by the Ravens prior to the season-opener, then re-signed before the first game. He was cut last Thursday when the trade for offensive tackle Eugene Monroe became official before rejoining the team on Saturday.
Stokley wasn't regarded as healthy enough to play against the Dolphins, according to coach John Harbaugh.
Stokley, 37, has nine receptions for 79 yards this season.
Stokley is playing under a one-year, $1.005 million deal that includes a $940,000 base salary.
As a vested veteran, Bajema still counts $555,000 against the salary cap regardless of his roster status.
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