The officers tried to stop Cochran on Pine Street when he fled, police said.
Cochran ran toward CVS and crossed over Route 62 while officers chased him on foot, then he ran into the Allegheny River before eventually giving up, police said.
Cochran was arraigned before district judge Andrew Fish on two charges of burglary and related offenses, police said. He was lodged in the Venango County jail after failing to post $100,000 bail.
Police were assisted by Oil City firefighters.