According to the local media, the Los Angeles Police confirmed the incident and said a 47-year-old Terry Bryant was arrested on Sunday over suspicion of felony grand theft.
According to reports, Bryant had a ticket for the event.
No further information has been revealed regarding the matter.
According to some reports, McDormand was spotted crying after giving up the search for the statuette on the premises and departing with her husband, filmmaker Joel Coen.
She was later reunited with the trophy. (ANI)