The 20-year-old's arraignment has been scheduled for 29 August at the LA Superior Court Airport Courthouse.
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Robert Downey Jr. pictured with his son Indio
A car Indio was travelling in was pulled over by LA police on 29 June after they allegedly noticed another passenger smoking something from a pipe.
Indio was then searched and arrested on charges of cocaine possession. He was released the following day, after posting his $10,250 (£6,015) bail.
The aspiring musician has been charged with one felony count of possession of a controlled substance, and a misdemeanour count of possession of a smoking device.
Should he be found guilty on both counts, Indio faces a maximum of three years and six months in prison – but as a first-time offender he is automatically entitled to a drug-diversion programme.
Robert Downey Jr. famously battled drug addiction and has rallied round his son
Indio's father famously battled drug addiction before getting sober in 2002, and he quickly rallied around his son.
"Unfortunately there's a genetic component to addiction and Indio has likely inherited it," Robert, 49, said in a statement following the arrest.
"There is a lot of family support and understanding, and we're all determined to rally behind him and help him become the man he's capable of being.
"We're grateful to the Sheriff's department for their intervention, and believe Indio can be another recovery success story instead of a cautionary tale."
Joining Robert in supporting Indio is his mum Deborah Falconer - divorced from Robert in 2004 - and the actor's wife of eight years, Susan, who is expecting her second child with the star.