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Police and paramedics arrived at the scene of the accident at 9:30 p.m. The skateboarder was treated for his injuries and released.
Petty, who starred in Point Break, Tank Girl and A League of Their Own, was booked into the Van Nuys jail and eventually released on $100,000 bail.
A spokesman for the Los Angeles Police Department said the circumstances surrounding the accident are still unclear. Detectives with the LAPD's traffic division will determine if a follow-up investigation is necessary. Petty's blood-alcohol level isn't being released at this time.
Calls to Petty's spokesman were not returned.
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