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I proceeded to ask the officer if I would be liable for this crime and charged with "petty theft" as he put it, and he responded that it was definitely possible. Is this true?


No, they can't charge you with "petty theft", however, they can charge you with possession of stolen property. To charge you with petty theft, they would need proof that you stole the bicycle. They have enough proof to charge you with possession.

It sounds like a good idea to pay the pawn shop their money back and then seek reimbursement from the guy you got the bike from, but please check with a lawyer before doing so.