"Now I'm never leaving," Lewis said with a smile.
The statue shows Lewis in his signature pose with his back arched, right foot lifted and mouth agape. It even has Lewis clutching a piece of grass, which he always picked up before going into his dance.
"This is forever my city," said Lewis, a 13-time Pro Bowl player who led the Ravens to two Super Bowl titles. "I will forever be a part of this city. Anybody who wants to create history in life, influence enough people to the way where they remember your presence."
Lewis spoke for 31 minutes, thanking many former teammates like Michael McCrary and Duane Starks, who both attended the event.
The statue sits in front of the north end of M&T Bank Stadium a few feet from the statue of Johnny Unitas.
"We didn't take this lightly, I promise you, for John to share this plaza with the greatest defensive player of all time," Ravens owner Steve Bisciotti said.
A couple of thousand people attended the event, which was announced late because team officials knew there was limited space. Many wore Lewis' No. 52 jersey and repeatedly chanted, "We love Ray!"
After the fans screamed for Lewis to perform his dance once more, Lewis obliged by doing so on the stage.