Smith was booked into the Washington County Jail after he was arrested at 2 p.m. Sunday on two felony charges of forgery and theft by receiving.
An officer with the Fayetteville Police Department said that Smith, 20, would spend Sunday night in jail and could be released pending a bond hearing Monday morning.
"I am extremely disappointed that he made a decision that reflects poorly on him and the Razorbacks. He has been suspended indefinitely," Arkansas coach Houston Nutt said in a statement released through the university.
"He will not play this weekend (against North Texas) and additional actions will be considered after we have an opportunity to fully review the situation."
Smith is the third Arkansas player to be arrested since late August. His arrest came less than 24 hours after he had a critical fumble that was returned for a touchdown in Saturday's 42-29 loss to then-No. 21 Kentucky.
According to a Fayetteville police report, Smith was arrested after he allegedly used a stolen credit to make three transactions totaling $96.34. The credit card was allegedly given to Smith by an individual, who was arrested for fraudulent use of a credit card.
"Smith was very concerned and stated that he had no knowledge that the card was stolen," the report said.
According to the report, Smith said the credit card was left in his mailbox by the individual, who owed him money for gasoline. Smith admitted to using the credit card at a gas station on Sixth Street and a convenience store on North Garland, the report said.
"Smith stated that if he had knowledge that the card was stolen, he would have never used it," the report said.
Smith, a sophomore, is Arkansas' third-leading rusher with 16 carries for 91 yards and one touchdown in three games.
Arkansas defensive end Marcus Harrison was suspended for the season opener against Troy University after he was arrested Aug. 24 for possession of an Ecstasy pill and two marijuana cigars. He was also charged with several misdemeanor traffic violations.
Walk-on quarterback Austin Tucker, meanwhile, was arrested Sept. 6 after a flask of alcohol was found in his pocket. Since Tucker is only 18 years old, he was charged with misdemeanor minor in possession of alcohol.
RB Smith Suspended After Felony Arrest
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