The victor of Best actress category in Oscars this year, Frances McDormand was in for a big surprise after the event.
After getting her trophy engraved at the Governors Ball on Sunday, McDormand, 60, misplaced her trophy, USA Today reported.
Initial reports indicated that McDormand wanted the man to be let go, but insiders insist that that won't be happening.
The police confirmed that Terry Bryant, 47, had been arrested for grand theft, after the statuette was gone at the Governor's Ball, which is the official formal dinner after the ceremony.
She said a photographer working for celebrity chef Wolfgang Puck - who was providing the catering - stopped the man and seized the Oscar before the thief disappeared back into the ball.
Security were searching for the accolade which luckily already had her name engraved on it and hours later McDormand's representative Simon Halls confirmed the Academy Award victor had been reunited with the accolade.
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Bryant has a criminal record including burglary, assault and vehicle theft.
Bryant was detained by security guards at the event and arrested by Los Angeles police officers.
Actress Frances McDormand, who won her first Best Actress Oscar in 1997 for Fargo, took home the same title this year for her performance in Three Billboards Outside Ebbing, Missouri.
After McDormand was reunited with her trophy, the Academy of Motion Picture Arts and Sciences expressed relief.
Dressed in a tuxedo with hair held back in hairpins, he is seen in the footage posted on the page of a Terry Bryant Djmatari kissing the trophy and allowing bystanders to touch it.