UPDATE (March 5, 10:10 a.m.)
Frances McDormand's Oscar award was the statue stolen at the Governor's Ball.
She won the Best Actress award for her role in "Three Billboards Outside Ebbing, Missouri."
An Oscar award was stolen from a winner at an after-party in Hollywood and one person has been arrested on suspicion of grand theft.
The winner noticed the Oscar was missing from a table at the Governor's Ball.
Los Angeles Police is investigating this incident.