The 24-year-old actor was reportedly found with the drugs in a parked car in Plano, Texas.
He was booked and later released on a misdemeanour charge for possession of less than two ounces of the drug.
A source told HollywoodLife: ‘Chace was rolling a joint. He had a little under two ounces of marijuana in a plastic baggy sitting in clear view on the dashboard.
‘He was very polite and low key in a pair of jeans and flip flops and never identified himself.’