The actress McDormand, who received the award "Oscar" this year for best actress in the movie "Three billboards on the border of Ebbing, Missouri", stole the statue, writes NME.
He quickly gave it up when confronted by a photographer, police said.
The Los Angeles County District Attorney's Office said he faces up to three years in jail if convicted.
Bryant is accused of swiping McDormand's Oscar statuette from the black-tie Governor's Ball where Oscar winners have their awards engraved.
It's not clear whether Bryant had a ticket to the Governors Ball, but video posted by The Associated Press showed him entering the party alongside McDormand, waving and holding out his arm like a member of her entourage.
"There's a difference between holding an Oscar and what he's charged with", Bryant's lawyer Daniel Brookman told reporters.
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When he was leaving the ball, a photographer confronted him after not recognising him as a victor.
"My team got this tonight", Bryant says in the video, which is still available on Facebook thanks to the merciful internet gods.
According to Variety, the suspect's name is Terry Bryant, and he has been booked on felony grand theft charges, despite McDormand's alleged request that he be let go by security. He took the Oscar off the table where Frances was sitting and videotaped himself with the award in hand.
Brookman cited her presence in court when he asked for Bryant's release, saying she could attest to the special role he played as part of her community.
The 90th Academy Awards, which aired Sunday, March 4, honoured the best films of 2017 and the players behind and before the camera.
"What can I say", Levy said as she walked out of the courtroom.