Philon was arrested at 11:06 a.m. Friday and charged with aggravated assault with a deadly weapon, according to the Maricopa County Sheriff's Office.
The arrest was the result of a police investigation into an allegation that he threatened to shoot a dancer outside a strip club in May, according to TMZ, which obtained a copy of the police report.
Before Philon's release Saturday, Cardinals coach Kliff Kingsbury said the team would let both the legal process and the NFL's process move forward in the case.
"Obviously, we're aware of the situation and the serious allegations," Kingsbury said. "It's been reported to the league."
Kingsbury wouldn't comment further, declining to answer a question about whether Philon was suspended by the team. He was not at practice Saturday.
The Cardinals signed Philon, 25, to a two-year contract on March 21 worth $10 million. The sixth-round pick has played in 54 games with 19 starts. He has totaled 121 tackles, 9.5 sacks, 21 tackles for loss, two forced fumbles and three passes defensed.
Philon's base salary this season was set to be $1 million and fully guaranteed. He also received a $4 million signing bonus.