Police say 21-year-old Christopher Daniel surrendered to police on Tuesday.
Sources tell Action News Daniel confessed and has returned the bag full of jewelry.
According to the source, video shows Daniel lurking in the Sofitel Hotel in Center City on Monday morning.
One of Iverson's friends left the backpack sitting on a chair in the lobby and, the source says, the suspect is seen picking it up and walking out.
A source tells Action News that Iverson was in the hotel on Monday but was not in the lobby at the time of the theft.
Daniel is facing multiple theft charges.