Bouknight, 22, was arrested at 1:51 a.m. Sunday by the Charlotte-Mecklenburg Police Department, according to a police report. Bond was set at $2,500.
Bouknight, the team's 2021 first-round draft pick out of UConn, practiced Monday but did not speak to reporters.
"We are just gathering information right now," Hornets coach Steve Clifford said after practice. "Until we know more definitely on what happened I can't comment on that."
The news of Bouknight's arrest emerged on the same day restricted free agent Miles Bridges, who led the Hornets in scoring last year, had a court date in Los Angeles surrounding his arrest on three felony domestic violence charges. Bridges has pleaded not guilty.
Bouknight played in 31 games as a rookie, averaging 9.8 minutes and 4.6 points.
He feuded on the sideline with former coach James Borrego during a game last season, but was hoping for a new start under Clifford, who was hired this offseason for his second stint as the Hornets' coach.
Clifford said last week that Bouknight has starter-level talent in the NBA.
The Hornets open the season at San Antonio on Wednesday night.
"That's this league. You know what I mean?" Clifford said when asked about Bouknight's arrest being a distraction. "I was told a long time ago that if you want to enjoy coaching, understand that a lot more things go wrong every day that go right. It's just the kind of job that it is. It's part of coaching at every level."