The Cowboys sent their No. 155 pick and their 2008 seventh round pick to the Jaguars to move up to the No. 143 pick.
Orlando Scandrick (5-10, 192) was No. 8 on TheRanchReport.com's draft board at cornerback.
Scandrick started all 12 games for the Broncos last season, finishing the regular season sixth on the team in tackles with 46, while also registering three tackles for loss, 0.5 sacks, six pass breakups, four blocked kicks and a forced fumble.
Scandrick is the second cornerback taken by the Cowboys in this year's draft. Dallas also drafted South Florida's Mike Jenkins with the No. 25 overall pick.
"He's real versatile," said Dallas head coach Wade Phillips. "Has great speed. We talked to him at the combine and he told us he was going to run a 4.3 the next day and he did. All the guys tell us that but he went out and did it. I like that. we think he's a good pick and a good future pick."
Cornerback was a need for the Cowboys entering the draft after reserves Nate Jones and Jacques Reeves left in free agency.
Scandrick could see time as a reserve corner and on special teams, as could Mike Jenkins.
The Cowboys were particularly pleased with drafting him in the fifth round after he was given a third-round grade by the scouting report.
"We kept getting picks and more picks and he was still there after all that time," said owner Jerry Jones. "We were real pleased with that. You can look pretty crafty when you got a lot of picks."
TheRanchReport.com's Scouting Report: This is a solidly built player with outstanding speed and easy acceleration. Gets from point A to point B very quickly. Has good hips and showed the ability to plant and drive on the ball underneath. Liked his foot quicks, balance points and ability to turn and go when defending the deep ball. We didn't see outstanding ball skills and zone play was Inconsistent. Returner skills (punt) are a plus.
CB Orlando Scandrick