The federal charges came one day after Dykstra was arrested by the Los Angeles Police Department's commercial crimes division for allegedly purchasing vehicles through fraudulent means, the Los Angeles Times reported.
Dykstra was charged with grand theft by the LAPD and was being held on $500,000 bail, police officials said.
The U.S. Department of Justice said he had also been charged with one count of embezzling from a bankruptcy estate relating to allegedly fraudulent sales of items from a Ventura County, Calif., mansion he owned.
Prosecutors allege Dykstra sought bankruptcy protection but then sold sports memorabilia and a dresser from the home without the permission of the trustee overseeing his estate.
He also allegedly removed a $50,000 sink and granite from the mansion.
Dykstra, an outfielder whose hard-nosed play was instrumental in the Mets' 1986 World Series title, became a celebrity stock picker after befriending CNBC "Mad Money" host Jim Cramer, the Times reported.
2014 amfAR Inspiration Gala [PHOTOS]
Julius Randle breaks leg during NBA debut