Authorities charged Wayne Field III with entering Williams' home near Chicago's Grant Park during the weekend and drinking beer, eating pizza and defrosting a lobster while inside, the Chicago Tribune reported.
Police also accused Fields of dressing in Williams' clothes and leaving the home with his 2005 World Series championship ring.
The 51-year-old suspect was arrested Monday evening when he allegedly returned to the home and was seen peeking inside, the newspaper said.
Police said Field, who was identified through a hospital bracelet left behind in the townhouse, was still wearing Williams' fur, jeans and sweatshirt when arrested.
He was charged with residential burglary after giving his address as a homeless shelter and was being held on $100,000 bond, the Tribune reported.