Messages left seeking comment from Oscars presenters Academy of Motion Pictures Arts and Sciences were not immediately returned. "They celebrated their reunion with a double cheeseburger from In-N-Out".
However, the award was eventually found and given back to McDormand, who was the recipient of the Oscar for best actress for her role in "Three Billboards Outside Ebbing".
Anyone who watched yesterday's 90th annual Academy Awards and also has an internet connection can attest to the fact that the most viral, meme-worthy Oscar moments often aren't made on stage.
Los Angeles Police Department (LAPD) have confirmed that Bryant, 47, has been arrested, with bail set at $20,000 (£14,000).
Share this article: Frances McDormand in Oscar acceptance speech for Best Actress.
The actor went to attend the party after the award ceremony with her filmmaker husband, Joel Coen. "Governors ball, baby... Who wants to tell me congratulations?"
He followed Bryant out of the party "and without any resistance from Bryant took the Oscar from him". Celebrity photographer Alex Berliner chased down the thief, identified as Terry Bryant, before he could get too far, returning the award to its rightful owner, and Bryant was later booked on grand theft charges.