Terry Bryant, 47, was arrested on suspicion of felony theft after he allegedly stole the gold statue at the Governors Ball, Los Angeles Police Department tells PEOPLE.
Bryant remains in jail on $20,000 bail.
The Best Actress winner, 60, headed to the annual party after the show, where she had her statue engraved with her name. However, she later realized her Academy Award was missing.
McDormand left the party with her husband, Joel Coen, but security was eventually able to find the prize and return it to the actress.
“I can confirm that after a brief time apart, Frances and her Oscar were happily reunited last night. They celebrated their reunion with a double cheeseburger from In-N-Out,” McDormand’s rep tells PEOPLE.
More about: Oscars-2018