The Bears traded up to select Vereen at No. 131, sending fifth-round picks this year (No. 156) and next year to the Broncos while also receiving Denver's seventh-round choice in return.
Vereen appeared in 47 games with 36 starts in four seasons at Minnesota, recording 200 tackles, four interceptions and 22 pass breakups. The 6-foot, 199-pounder was named first-team all-Big Ten last year as a senior after recording 59 tackles, one interception and six pass breakups.
Fales was selected by the Bears at No. 183. The 6-2, 212-pounder started all 25 games at San Jose State the past two seasons, passing for 4,193 yards and 33 touchdowns in 2012 and 4,189 yards and 33 TDs in 2013. In 2012, he led the FBS in completion percentage (72.5) and was named MVP of the Military Bowl after passing for 395 yards and two TDs in a 29-21 win over Bowling Green.
Vereen and Fales are the NFL's first two draft picks to agree to terms, marking the third straight year the Bears have achieved that accomplishment. Receiver