Pranksters took off with the 6-foot, 150-pound statue of Oceanus, the Titan god and king of the seas, but returned it on Wednesday, the Buffalo N.Y. News reported.
Police reviewed footage from surveillance cameras near the statue through which they obtained enough information on the two "young people" who took the statue and its whereabouts, the News reported.
"People were able to reach out to them and asked them to return the statue immediately," said Peter Lojocano, the festival's cultural director.
Festival organizers decided not to press charges, the newspaper said.
But the two pranksters "have been convinced to do some community service," festival spokesman Steve Reszka said.
"The fountain is still very beautiful without the statue," Lojocano had said before the statue was returned.
Pistorius testifies he didn't consciously pull trigger when he shot girlfriend
Pregnant Mila Kunis wins 'Best Villain' at MTV Movie Awards