The soon-to-be unrestricted free agent was taken into custody Friday at the Wet Republic pool complex at the MGM Grand hotel. Police say they found cocaine and the recreational drug MDMA.
The 32-year-old Stoll had six goals and 11 assists in the 2014-15 season.
According to Rich Hammond of the Orange County Register, Stoll is out on bail and due in court for a hearing on Saturday.
The Kings released a statement in response to the arrest.
"Our organization is concerned and has begun conducting a thorough internal investigation," it read.
"While we continue to actively gather facts, we are withholding further comment at this time."