Converting byte array to memory stream and bitmap causing high memory usage

I have a byte array list. And, I am using it to generate bitmap images via memory stream.

While saving images, memory usage goes very high. And at some point, it causes out of memory exception.

I tried to comment out saving files to see if that causing this problem. Or, called GC manually. Nothing changed, still using high memory. My latest code is like this:

List<byte[]> byteArrayList = helper.GetArrayList(); // Gets approximately 10k items.

for (int i = 0; i < byteArrayList.Count; i++)
{
    using (MemoryStream ms = new MemoryStream(byteArrayList[i]))
    {
        using (Bitmap bm = new Bitmap(ms))
        {
            bm.Save(fileLocation);

            bm.Dispose();
        }

        ms.Dispose();
    }

    byteArrayList[i] = null;

    byteArrayList.Remove(byteArrayList[i]);
}

byteArrayList.Dispose();

How can i solve this issue?