A statement issued by police said that Aarman Premjee, 20, was taken into custody about 11 a.m. by officers with the LAPD's Robbery-Homicide Division. A USC student directory spells the student's first name as Armaan.
Premjee was released just before 8 p.m. on $100,000 bond, according to jail records.
He is accused of sexually assaulting another USC undergraduate on April 1 at a campus dormitory, police said.
The alleged assault "was reported immediately" to USC's Department of Public Safety early in the morning of April 1, Capt. Billy Hayes said. At that time, the university's public safety department reported it to the LAPD for investigation, Hayes said.
Hayes confirmed that both students are undergraduates, but he declined to provide further information, citing privacy issues and the ongoing investigation.
The alleged assault was not the result of an on-campus activity or an event sponsored by the school, Hayes added.
It was unclear whether Premjee was being represented by an attorney. A spokesperson for USC did not immediately provide comment on the arrest.