Officer Randall McGehee was fired last month over the incident.
The driver said McGehee pulled him over on Tramway Road on April 14, then took $200 from his wallet without his knowledge or consent.
McGehee, 43, of 643 S. Plank Road, was charged with misdemeanor larceny. He was placed in the Lee County jail under a $1,500 bond.
He is due in court on June 4.