The Charlotte (N.C.) Observer said the drugs were allegedly found Tuesday night by the Catawba County Sheriff's Office during a search for stolen goods inside Mayfield's Catawba, N.C., mansion.
He was released on $3,000 bond.
Deputies said racing memorabilia was recovered from the property but would not verify if the items were stolen property, the newspaper said.
Mayfield was suspended by NASCAR in 2009 after a random drug test came back positive for methamphetamine.
Notable deaths of 2014 [PHOTOS]