Jones, 26, batted .280/.319/.466 and set career highs in games (151), doubles (26), home runs (25), RBIs (83), stolen bases (12) and total bases (264). He was named Most Valuable Oriole by the media covering the team.
Jones was the Orioles' last arbitration-eligible player without a contract. They started out with nine and only had one hearing, with pitcher Brad Bergesen losing his case. Jeremy Guthrie was traded to the Rockies before agreeing to a one-year, $8.2 million deal.
Settling with Jones might be the Orioles' last order of business before pitchers and catchers report to spring training on Saturday.
Jones signed for $6.15 million. He submitted an offer of $7.4 million and the Orioles countered at $5 million.
"I'm glad we reached a mutual agreement," executive vice president Dan Duquette said. "Adam is a good and dependable member of the team."
Now that Jones is under contract for 2012, the Orioles can begin having more serious discussions about a long-term extension.