If someone returns an item they stole, can they still be arrested?

My boyfriend recently came into possession of an iPad from his work. Apparently a customer in the store left it there and did not come in to claim it for about a week, so he took it home. The customer is now deciding to press charges after my boyfriend's employer found him on camera placing the iPad into his bag and proceeded to take it home. He is to be terminated from his job tomorrow and we have heard that he may get arrested. Is there a way to return the iPad to its owner and not have him go to jail or have them drop the charges all together? Should we look for an attorney? And how long would he be in jail for/would it be considered a felony since the item is under $500?