Cyrus Shepherd-Oppenheim, 22, appeared in a Philadelphia court on Tuesday.
As part of a deal, Shepherd-Oppenheim will join the court's Accelerated Rehabilitative Disposition program, and pay a small amount of restitution.
Shepherd-Oppenheim is scheduled to return to the Criminal Justice Center on June 4th, to officially agree to the terms of the deal.
If he completes the program, his record will be expunged.
The 22-year-old, who goes by his middle name Zach, is the son of actress Cybill Shepherd. The former Moonlighting star divorced his father, Bruce Oppenheim, in 1989.
Shepherd-Oppenheim was on a flight from his home in California to return to Penn back in January. On that flight, Philadelphia police say, he stole items from two other passengers, swiping a digital camera and some cash.
His lawyer, William Brennan, made the deal with the district attorney's office in court.
Shepherd-Oppenheim said he wants to get back to his life on the Penn campus, and followed orders from his attorney to keep silent on the case.
