02/09/2011 at 03:00 PM EST
It's official: Lindsay Lohan
was formally charged
on Wednesday with one count of felony grand theft for allegedly stealing a $2,500 necklace
from a Venice, Calif., jewelry store, according to a statement by the Los Angeles District Attorney.
The felony complaint alleges that Lohan "did unlawfully take money and personal property."
Lohan, 24, will be arraigned at a Los Angeles courthouse on Wednesday afternoon. If convicted, the actress could face up to three years in prison.
Her bail has been set at $20,000.