The 29-year-old rapper, whose real name is Stephen Manderson, had called cops at around 2.40am on Sunday morning when the accessory was taken from him just outside his south London house as he returned home after a night out, according to the Mirror.
However, when the authorities arrived at the property, they quickly discovered that his Mercedes car had been involved in a crash.
The police then arrested Professor Green on suspicion of drink driving.
A Scotland Yard spokesperson told the paper: 'The suspected driver of the car, a 29-year-old man, was arrested on suspicion of drink driving and taken into custody at a South London police station.
'There were no reports of any injured parties. Inquiries into the robbery and the collision are ongoing.'
Professor Green has now been released on bail, and will return to a police station later this month.
It is thought that the musician's wife Millie Mackintosh was not at home at the time of the incident.
MailOnline have contacted a spokesperson for Professor Green for comment on the arrest report.
Road runner: The musician in his black Mercedes-Benz SLS which is the vehicle believed to have been involved in the collision
En route home: Earlier on Saturday evening, Professor Green shared pictures of himself on an Easyjet flight back to London
Professor Green has had something of a busy few weeks. The rapper marked Halloween with Millie at Jonathan Ross' annual Halloween bash, where the pair dressed up as Morticia and Gomez Addams, last Friday night.
He was then seen attending the Radio 1 Teen Awards on the Sunday - after the reported arrest
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