Frances McDormand Oscar theft: Watch the moment suspected thief walks away with the trophy

Video footage has emerged that appears to show the man suspected of stealing Frances McDormand’s Oscar trophy walking out of the afterparty with the award.

In the clip, the man cheers and holds the statuette aloft before saying: "Alright baby boys and baby girls, what’s up?”

As he poses for the paparazzi he tells the crowd of photographers: “It’s all good, baby. It’s all good.”

According to Los Angeles police, a man was arrested for the theft of the trophy on Monday.

A 47-year-old male had been taken into custody on suspicion of felony grand theft, said Officer Rosario Herrera, a police spokeswoman.

McDormand is said to have taken her prize to the Governors Ball where she had it engraved, but was seen crying outside of the party after realising it was missing.

According to USA Today, McDormand left the party without the trophy, but was later reunited with it after security managed to track it down.

“Fran and Oscar are happily reunited and are enjoying an In-N-Out burger together,” McDormand’s rep, Simon Halls, told the publication.

Meanwhile New York Times reporter Cara Buckley tweeted that security at the bash were searching for a man believed to have grabbed the Oscar “and ran out with it”