Olmos, 25, has bounced around via the waiver wire quite a bit in recent years. In fact, Chicago claimed him less than a week ago and obviously sought to stash him with a well-timed outright. Olmos has spent little time in the majors, but has shown an average fastball velocity of over 93 mph and put up a solid 3.55 ERA with 9.3 K/9 against 3.5 BB/9 at Triple-A last year.
Baltimore had acquired Lake last summer in the trade that sent Tommy Hunter to the Cubs. He saw minimal MLB action in 2015 after having factored as a frequent contributor in 2013-14. Lake slashed .298/.397/.431 in his 355 Triple-A plate appearances last year, but has done little at the major league level since a strong debut season.