New Orleans Saints cornerback Marshon Lattimore was arrested Thursday night in his hometown of Cleveland for possessing a loaded handgun that was believed to be stolen, according to the Cleveland Police.

According to court records, Lattimore has been charged with receiving stolen property, which is identified as a fourth-degree felony.

Bond was set at $5,000, and Lattimore is expected to be released Saturday morning by posting 10% of it. He was booked into Cuyahoga County Jail after being arrested by Cleveland Police's gang investigators, according to Cleveland.com.

The case will next head to a grand jury to determine whether he will be formally indicted.

According to the Cleveland Police, Lattimore was a passenger in a vehicle that police stopped for multiple traffic violations at about 10:30 p.m. on Thursday. During the course of the stop, Lattimore was found to have a loaded handgun in his possession. He was arrested on charges of carrying a concealed weapon (failure to notify) and for receiving stolen property after the gun was later found to be entered as stolen out of the city of Euclid, Ohio.

Two additional passengers, Kenyon Moon and Maurice Walton, were arrested on a charge of having weapons while under disability. The driver, Carl Willis, was arrested on a charge of improper handling of a firearm in a motor vehicle.

"We believe that this was a misunderstanding and that this will become even clearer as new information becomes available and is shared with the authorities," Lattimore's attorney, Marcus Sidoti, said in a statement issued before Lattimore was charged.

The Saints had no immediate comment.

Lattimore, 24, is one of the NFL's top cornerbacks and is heading into the final year of his rookie contract with the Saints. He has been selected to three Pro Bowls and was named the NFL's Defensive Rookie of the Year in 2017 after being drafted in the first round out of Ohio State.

Lattimore is one of several NFL standouts to come through Cleveland's Glenville High School -- a public-school powerhouse coached by Ted Ginn Sr. in Cleveland's East Side.