Lockett was charged Tuesday by the Raleigh Police Department and arrested on Thursday at 5 a.m. ET.
NC State coach Kevin Keatts announced Thursday morning that Lockett was suspended from the program.
"In light of his arrest this morning, Lockett has been indefinitely suspended from our team," Keatts said. "We will await additional information and will have no further comment at the current time."
Lockett, a former Florida International graduate transfer who joined NC State this season, missed Wednesday's win over Syracuse while "tending to a personal matter."
The 6-foot-5 guard is averaging 5.0 points and 3.3 rebounds this season.
Lockett is the second NC State player in the past 24 hours to be suspended or leave the program. Former Kentucky transfer Sacha Killeya-Jones was not on the team's bench Wednesday night.
"Sacha is no longer on the team," Keatts told reporters after the game. "That's all I'll say for now."