Superior Court Judge Stephanie Sautner accepted the plea to misdemeanor grand theft that was entered by attorney Shawn Holley.
Sautner says the actress will remain on probation until November and should undergo psychological counseling.
The plea means the 24-year-old actress is not acknowledging guilt but the case stands as a conviction.
Lohan was charged in February with taking a $2,500 necklace from a Venice jewelry store without paying for it. The incident happened roughly three weeks after she was released from court-ordered rehab on a 2007 drunken driving case.
Lohan faces a 120 day jail sentence for violating her probation, but she will serve a fraction of the sentence due to jail overcrowding and may be placed on house arrest.
