Dick, 48, was arrested on November 7 in a well-trafficked area of Hollywood and spent the night in jail, reported People magazine.
He was reportedly riding a bicycle in town last week and stopped next to a man, asking him if he could look at his chain. The man agreed and handed over the necklace, reportedly worth USD 1,000, and actor allegedly rode off with it.
The man then reported the incident to police. He was detained on suspicion of felony grand theft, a spokesperson said.
The actor was released on Saturday early morning after a USD 25,000 bond was posted. Dick has a December 4 court date.
If convicted, he could be sentenced to a maximum punishment of three years in state prison. If he ends up being charged with a misdemeanour, it drops to one year.
Dick has battled substance abuse for years and talked about his struggles with addiction on the reality shows 'Celebrity Rehab With Dr Drew' and 'Dancing With the Stars'.
He has made headlines and has been arrested several times before for unruly behaviour.