An official from the Russian Embassy in Cambodia told ITAR-Tass that Polonsky, Konstantin Baglai and Alexander Karachinsky have been charged with deliberate physical harm to health and illegal detention of people.
A representative for Polonsky said the incident occurred during a private party on a small island and labeled the issue as a "misunderstanding."
Polonsky has been released on bail, the representative said.
The Wall Street Journal reported Polonsky, once one of Russia's richest men, allegedly assaulted local boatmen who ferried him and his friends to the Cambodian mainland from the island Dec. 31.
Polonsky allegedly threatened the boat's captain with a knife and locked him in a room.
'SNL': 'Anchorman 2' cast, One Direction sing 'Afternoon Delight' [VIDEO]
Reindeer recovered after escaping from Santa during lighting ceremony