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.
Chef Wolfgang Puck’s photographer captured a photo of the suspect before retrieving the allegedly stolen Oscar, Buckley tweeted. Security personnel continued to search for the alleged Oscar thief, Buckley tweeted, but he had apparently gone back into the party after the confrontation.
“Apparently Frances has said to let him go,” Buckley tweeted.
“Best Actress winner Frances McDormand and her Oscar were happily reunited after a brief separation at last night’s Governors Ball. The alleged thief was quickly apprehended by a photographer and members of our fast-acting Academy and security teams,” an Academy spokesperson tells PEOPLE. “The Three Billboards Outside Ebbing, Missouri star resumed her celebrations.”
Bryant seems to have a history of grabbing trophies at awards shows. In a January Instagram post, he shared a video of himself appearing to hold a Screen Actors Guild award. “I proclaim it in Jesus’s name. My SAG Award,” he says in the video.
In another Instagram post from June, Bryant is seen holding what appears to be a MTV Movie & TV Award’s popcorn trophy, saying “It was awesome at the 2017 MTV Awards.”
This also isn’t the first year he’s showed off an Oscar. He posted a photo of himself holding the golden statuette in an Instagram post from last year from inside the Vanity Fair afterparty.
McDormand was the frontrunner leading up to the Academy Awards as she swept the major awards shows in the months before. The veteran actress picked up the Golden Globe, Screen Actors Guild and BAFTA awards on her way to claim the big prize.
The 2018 Oscars were held at the Dolby Theatre at Hollywood & Highland Center on March 4 and were telecast live on ABC.