One photographer didn't recognize him as an Oscar victor and followed and confronted him.
If convicted of his charge, Bryant could face up to three years in jail, the district attorney's office said.
The alleged thief got apprehended by a photographer and the security teams have acted fast and caught the person who swiped the award.
"Best Actress victor Frances McDormand and her Oscar were happily reunited after a brief separation at last night's Governors Ball".
Frances McDormand almost left the Academy Awards empty-handed after someone tried to steal her coveted golden statuette but luckily it was returned to her.
"There is a big difference between holding an Oscar and what he is charged with", Brookman said in court.More news: Peyton Manning Selling Ownership Stake In Papa John's
Despite McDormand's request to let him go, police identified the suspect and arrested him on suspicion of felony grand theft. "This is mine. We got it tonight, baby", he said.
"I am a highly favoured of God", Mr Bryant said of his high-flying lifestyle.
"I can confirm that after a brief time apart, Frances and her Oscar were happily reunited last night".
In the video, Bryant films himself drinking alcohol and kissing an Oscar, exclaiming, "This is mine!"
Bryant is expected to be arraigned in a downtown Los Angeles courtroom on Wednesday. "They celebrated the reunion with a double cheeseburger from In and Out", McDormand's representative, Simon Halls, said in a statement, referring to the California fast-food chain. Prosecutors had asked for $20,000 bail.
Terry Bryant filmed himself holding a statuette and telling other guests he was a victor, before being arrested.
New York Times reporter Cara Buckley, who was at the Governors Ball, claimed a man had grabbed the award and ran out with it.