Peters (undisclosed) was waived by the Colts on Tuesday with an injury settlement.
Peters was signed as an undrafted free agent but was cut loose and will be able to join another club. The Mississippi State product had 33 tackles (one for a loss) and four passes defensed in 10 games in 2018.
Peters signed with Indianapolis as an undrafted free agent Friday, Mike Chappell of Fox 59 News Indianapolis reports.
Peters had 33 tackles (one for loss) and four passes defensed in 10 games at Mississippi State in 2018. The 22-year-old figures to battle for a depth role in the secondary for the Colts.