He faced a charge of felony grand theft after the LAPD arrested him Sunday night. If convicted in the case, Bryant could face a maximum of three years in county jail.
He quickly gave it up when confronted by a photographer, police said.
The actress clutched her award through the post-win press conferences and took it with her to the annual Governors Ball celebration.
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Bryant is scheduled to be arraigned on Wednesday.
In what is perhaps the most freaky story to come out of this year's Academy Awards, Frances McDormand's Oscar statue was briefly stolen from her table during the Governor's Ball, the official afterparty for the ceremony.
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Windy, with a north northwest wind 21 to 25 miles per hour , with gusts as high as 43 miles per hour . Some places may not see anything, others may see a dusting, or a few tenths of an inch of snow.
Brookman said Bryant, whose social media pages are full of pictures of him on the red carpets of awards shows and Hollywood premieres, goes to the events because he considers himself an amateur journalist and is seeking to be a professional one. "You know what? I can't believe I got this", Bryant says to the camera. "This is mine. We got it tonight, baby".
He then walks through the crowd and oblivious partygoers ask to touch it. Bryant doesn't appear to make any effort to return the Oscar on his own, nor is it explicitly clear that it's McDormand's trophy.
The Los Angeles police department said in a statement that the photographer, whom they did not identify, grew suspicious when he failed to "recognize Bryant as a recipient from the awards show".
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Kate Middleton wears a gold band next to her engagement ring, which once belonged to her late mother-in-law, Princess Diana. It added that the baptism was believed to be Markle's own choice and was not a requirement of her royal marriage.
Her publicist said she celebrated being "happily reunited" with the bronze statuette with a double cheeseburger from California's In-N-Out Burger chain.