It's the moment tabloid editors have been anxiously waiting for; Lindsay Lohan was just charged with felony grand theft for allegedly stealing a $2,500 necklace from a jewelry store in Venice, California on January 22. TMZ reports Lindsay will be arraigned today at 1:30 PT, and prosecutors have recommended her bail be set at $20,000.

A source tells Radar that at the hearing,

Lindsay's probation will be revoked... immediately. She will be formally arraigned on the single charge, and at that time she will be expected to enter a plea of either not guilty or guilty.

Supposedly Lindsay's sticking to her story about the jewelry store lending her the necklace. This afternoon she'll probably be remanded into custody again, and a bail bondsman will be there to get her out ASAP โ€” but not before she poses for her fifth mug shot since 2007. If convicted, Lindsay faces a maximum of one year in state prison.

Lindsay Lohan โ€” Felony Grand Theft Charges Filed [TMZ]
BREAKING NEWS: Lindsay Lohan Charged With Felony Grand Theft; Will Appear In Court Wednesday Afternoon [Radar]