John Steward Mathieson, 35, was accused of embezzling almost $5,200 in cash from the theater while he worked as a manager.
The thefts at the theater at 916 State St occurred between April 1 and his arrest on June 2.
He told Santa Barbara Police Department detectives that he covered up his theft by destroying paperwork, Dudley said in a statement.
Investigators also discovered that the security cameras monitoring the area where the thefts took place were disabled.
Mathieson will be sentenced to three years of felony probation, 120 days in jail and paying full restitution, according to Deputy District Attorney Gary Gemberling.
There was a more lenient jail sentence since Mathieson came up with $2,000 in restitution by the time of the plea, Gemberling said.
Mathieson is scheduled to be sentenced for one count of felony embezzlement Nov. 21 and will also be ordered to stay away from Fiesta 5 and all Metropolitan Theaters locations.