The suspect, Terry Bryant, is due to appear at the Los Angeles Foltz Criminal Justice Center charged with grand theft of property.
An Associated Press video appears to show the man who police say stole Frances McDormand's best-actress Oscar walking out of the official Academy Awards after-party. "I don't think his character matches these charges".
Authorities say Bryant walked out of the Governors Ball Oscars after-party with the trophy on Sunday night and quickly gave it up when confronted by a photographer.
In a since-deleted video selfie posted to Facebook, Bryant was seen dressed in a tuxedo being lavished with praise while clutching the award and courting congratulations.
Bryant is accused of swiping McDormand's Oscar statuette from the black-tie Governor's Ball where Oscar winners have their awards engraved.
It was not clear how Bryant took possession of the Oscar, or in what capacity he was attending the event, but police said he had a ticket to enter. Prosecutors had asked for $20,000 bail. The coveted statue was stolen from the actress' table at the Governor's Ball, TMZ reported, and security began looking for it. The Oscar was then returned to McDormand, who won for her lead role in "Three Billboards Outside Ebbing, Missouri".
He faces a maximum sentence of three years behind bars if convicted.
Indeed, McDormand's rep confirmed that the actress had been given her award back and continued to enjoy her big night. Bryant's spiritual advisor Naomi Levy spoke with reporters outside of the courtroom, saying Bryant is a "sweet and gentle man of faith". The judge said that influenced her decision to release Bryant on his own recognizance.
"I'm talking about empowering people", he said.