According to a complaint filed Tuesday in Los Angeles County Superior Court, authorities believe 47-year-old Terry Bryant "did unlawfully steal, take, carry, lead and drive away" McDormand's statuette, which has a value exceeding $950.
Bryant, who is currently behind bars, will be arraigned Wednesday, according to KABC. It is unclear if he has a lawyer.
The Los Angeles Police Department told ABC News on Monday that a photographer spotted Bryant, Oscar in hand, on his way out of the Governors Ball on Sunday night. Because the photographer, who has remained anonymous, did not recognize Bryant from the televised ceremony, they followed him.
The photographer "without any resistance from Bryant took the Oscar from him. Security at the event was notified and detained Bryant," police said in a statement. "The Oscar was returned to the recipient. At this time it appears Bryant did have a ticket to the Governors Ball."
McDormand's publicist confirmed that the statuette was indeed returned to the "Three Billboards Outside Ebbing, Missouri" star, who won the best actress Oscar for her performance.
"Fran and Oscar are happily reunited and are enjoying an In-N-Out burger together," he said.
ABC News' Lisa Sivertsen contributed to this story.